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WASHINGTON, D.C. 20549
(Mark One) | ||
o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
OR | ||
x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2010 | ||
OR | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to | ||
OR | ||
o | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
Date of event requiring this shell company report |
(Jurisdiction of Incorporation or Organization)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of Principal Executive Offices)
Patrick de La Chevardière
Chief Financial Officer
TOTAL S.A.
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
Tel: +33 (0)1 47 44 45 46
Fax: +33 (0)1 47 44 49 44
Title of each class | Name of each exchange on which registered | |
Shares American Depositary Shares | New York Stock Exchange* New York Stock Exchange |
* | Not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o |
U.S. GAAP o | International Financial Reporting Standards as issued by the International Accounting Standards Board x | Other o |
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“acreage’’ | The total area, expressed in acres, over which TOTAL has interests in exploration or production. | |
“ADRs’’ | American Depositary Receipts evidencing ADSs. | |
“ADSs’’ | American Depositary Shares representing the shares of TOTAL S.A. | |
“barrels’’ | Barrels of crude oil, natural gas liquids (NGL) or bitumen. | |
“Company’’ | TOTAL S.A. | |
“condensates’’ | Condensates are a mixture of hydrocarbons that exist in a gaseous phase at original reservoir temperature and pressure, but that, when produced, exist in a liquid phase at surface temperature and pressure. Condensates are sometimes referred to as C5+. | |
“crude oil’’ | Crude oil is a mixture of compounds (mainly pentanes and heavier hydrocarbons) that exists in a liquid phase at original reservoir temperature and pressure and remains liquid at atmospheric pressure and ambient temperature. “Crude oil” or “oil” are sometimes used as generic terms to designate crude oil plus natural gas liquids (NGL). | |
“Depositary’’ | The Bank of New York Mellon. | |
“DepositaryAgreement’’ | The depositary agreement pursuant to which ADSs are issued, a copy of which is attached as Exhibit 1 to the registration statement onForm F-6 (Reg.No. 333-172005) filed with the SEC on February 1, 2011. | |
“Group’’ | TOTAL S.A. and its subsidiaries and affiliates. The terms TOTAL and Group are used interchangeably. | |
“hydrocracker’’ | A refinery unit which uses a catalyst and extraordinarily high pressure, in the presence of surplus hydrogen, to shorten molecules. | |
“liquids’’ | Liquids consist of crude oil, bitumen and natural gas liquids (NGL). | |
“LNG’’ | Liquefied natural gas. | |
“LPG’’ | Liquefied petroleum gas is a mixture of hydrocarbons, the principal components of which are propane and butane, in a gaseous state at atmospheric pressure, but which is liquefied under moderate pressure and ambient temperature | |
“NGL’’ | Natural gas liquids consist of condensates and liquefied petroleum gas (LPG). | |
“oil and gas” | Generic term which includes all hydrocarbons (e.g., crude oil, natural gas liquids (NGL), bitumen and natural gas). | |
“proved reserves’’ | Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations, prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The full definition of “proved reserves” that we are required to follow in presenting such information in our financial results and elsewhere in reports we file with the SEC is found inRule 4-10 ofRegulation S-X under the U.S. Securities Act of 1933, as amended (including as amended by the SEC “Modernization of Oil and Gas Reporting” ReleaseNo. 33-8995 of December 31, 2008). |
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“proved developed reserves’’ | Proved developed oil and gas reserves are proved reserves that can be expected to be recovered (i) through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and (ii) through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well. The full definition of “developed reserves” that we are required to follow in presenting such information in our financial results and elsewhere in reports we file with the SEC is found inRule 4-10 ofRegulation S-X under the U.S. Securities Act of 1933, as amended (including as amended by the SEC “Modernization of Oil and Gas Reporting” ReleaseNo. 33-8995 of December 31, 2008). | |
“provedundeveloped reserves’’ | Proved undeveloped oil and gas reserves are proved reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. The full definition of “undeveloped reserves” that we are required to follow in presenting such information in our financial results and elsewhere in reports we file with the SEC is found inRule 4-10 ofRegulation S-X under the U.S. Securities Act of 1933, as amended (including as amended by the SEC “Modernization of Oil and Gas Reporting” ReleaseNo. 33-8995 of December 31, 2008). | |
“steam cracker’’ | A petrochemical plant that turns naphtha and light hydrocarbons into ethylene, propylene, and other chemical raw materials. | |
“TOTAL’’ | TOTAL S.A. and its subsidiaries and affiliates. We use such term interchangeably with the term Group. When we refer to the parent holding company alone, we use the term TOTAL S.A. or the Company. | |
“trains’’ | Facilities for converting, liquefying, storing and off-loading natural gas. | |
“ERMI’’ | ERMI is an indicator intended to represent the refining margin after variable costs for a theoretical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in the region. | |
“turnarounds’’ | Temporary shutdowns of facilities for maintenance, overhaul and upgrading. |
b | barrel | k | thousand | |||
cf | cubic feet | M | million | |||
boe | barrel of oil equivalent | B | billion | |||
t | metric ton | W | watt | |||
m3 | cubic meter | GWh | gigawatt-hour | |||
/d | per day | TWh | terawatt-hour | |||
/y | per year | Wp | watt peak | |||
Btu | British thermal unit |
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1 acre | = 0.405 hectares | |||
1 b | = 42 U.S. gallons | |||
1 boe | = 1 b of crude oil | = 5,478 cf of gas in 2010(a) | ||
= 5,490 cf of gas in 2009 | ||||
= 5,505 cf of gas in 2008 | ||||
1 b/d of crude oil | = approximately 50 t/y of crude oil | |||
1 Bm3/y | = approximately 0.1 Bcf/d | |||
1 m3 | = 35.3147 cf | |||
1 kilometer | = approximately 0.62 miles | |||
1 ton | = 1 t | = 1,000 kilograms (approximately 2,205 pounds) | ||
1 ton of oil | = 1 t of oil | = approximately 7.5 b of oil (assuming a specific gravity of 37° API) | ||
1 t of LNG | = approximately 48 kcf of gas | |||
1 Mt/y LNG | = approximately 131 Mcf/d |
(a) | Natural gas is converted to barrels of oil equivalent using a ratio of cubic feet of natural gas per one barrel. This ratio is based on the actual average equivalent energy content of TOTAL’s natural gas reserves during the applicable periods, and is subject to change. The tabular conversion rate is applicable to TOTAL’s natural gas reserves on a group-wide basis. |
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• | material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals; | |
• | changes in currency exchange rates and currency devaluations; | |
• | the success and the economic efficiency of oil and natural gas exploration, development and production programs, including, without limitation, those that are not controlledand/or operated by TOTAL; | |
• | uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities; | |
• | uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals; | |
• | changes in the current capital expenditure plans of TOTAL; | |
• | the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies; | |
• | the financial resources of competitors; | |
• | changes in laws and regulations, including tax and environmental laws and industrial safety regulations; | |
• | the quality of future opportunities that may be presented to or pursued by TOTAL; | |
• | the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally; | |
• | the ability to obtain governmental or regulatory approvals; | |
• | the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters (including actual or proposed sanctions on companies that conduct business in certain countries); | |
• | the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures; | |
• | changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities; | |
• | the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and | |
• | the risk that TOTAL will inadequately hedge the price of crude oil or finished products. |
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(M€, except per share data) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
INCOME STATEMENT DATA | ||||||||||||||||||||
Revenues from sales | 140,476 | 112,153 | 160,331 | 136,824 | 132,689 | |||||||||||||||
Net income, Group share | 10,571 | 8,447 | 10,590 | 13,181 | 11,768 | |||||||||||||||
Earnings per share | 4.73 | 3.79 | 4.74 | 5.84 | 5.13 | |||||||||||||||
Fully diluted earnings per share | 4.71 | 3.78 | 4.71 | 5.80 | 5.09 | |||||||||||||||
CASH FLOW STATEMENT DATA(a)(b) | ||||||||||||||||||||
Cash flow from operating activities | 18,493 | 12,360 | 18,669 | 17,686 | 16,061 | |||||||||||||||
Total expenditures | 16,273 | 13,349 | 13,640 | 11,722 | 11,852 | |||||||||||||||
BALANCE SHEET DATA(b) | ||||||||||||||||||||
Total assets | 143,718 | 127,753 | 118,310 | 113,541 | 105,223 | |||||||||||||||
Non-current financial debt | 20,783 | 19,437 | 16,191 | 14,876 | 14,174 | |||||||||||||||
Minority interests | 857 | 987 | 958 | 842 | 827 | |||||||||||||||
Shareholders’ equity — Group share | 60,414 | 52,552 | 48,992 | 44,858 | 40,321 | |||||||||||||||
Common shares | 5,874 | 5,871 | 5,930 | 5,989 | 6,064 | |||||||||||||||
DIVIDENDS | ||||||||||||||||||||
Dividend per share (euros) | €2.28 | (c) | €2.28 | €2.28 | €2.07 | €1.87 | ||||||||||||||
Dividend per share (dollars) | $3.02 | (c)(d) | $3.08 | $3.01 | $3.14 | $2.46 | ||||||||||||||
COMMON SHARES(e) | ||||||||||||||||||||
Average number outstanding of common shares €2.50 par value (shares undiluted) | 2,234,829,043 | 2,230,599,211 | 2,234,856,551 | 2,255,294,231 | 2,293,063,190 | |||||||||||||||
Average number outstanding of common shares €2.50 par value (shares diluted) | 2,244,494,576 | 2,237,292,199 | 2,246,658,542 | 2,274,384,984 | 2,312,304,652 |
(a) | See Consolidated Statement of Cash Flows included in the Consolidated Financial Statements. | |
(b) | Comparative cash flow information for 2006 includes Arkema, which was spun off on May 12, 2006. | |
(c) | Subject to approval by the shareholders’ meeting on May 13, 2011. | |
(d) | Estimated dividend in dollars includes the interim dividend of $1.542 paid in November 2010 and the proposed final dividend of €1.14, converted at a rate of $1.30/€. | |
(e) | The number of common shares shown has been used to calculate per share amounts. |
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Year | Average Rate | |||
2006 | 1.2556 | |||
2007 | 1.3705 | |||
2008 | 1.4708 | |||
2009 | 1.3948 | |||
2010 | 1.3257 |
Period | High | Low | ||||||
October 2010 | 1.41 | 1.37 | ||||||
November 2010 | 1.42 | 1.30 | ||||||
December 2010 | 1.34 | 1.31 | ||||||
January 2011 | 1.37 | 1.29 | ||||||
February 2011 | 1.38 | 1.34 | ||||||
March 2011(a) | 1.42 | 1.38 |
(a) | Through March 21. |
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• | global and regional economic and political developments in resource-producing regions, particularly in the Middle East, Africa and South America; |
• | global and regional supply and demand; |
• | the ability of the Organization of Petroleum Exporting Countries (OPEC) and other producing nations to influence global production levels and prices; |
• | prices of alternative fuels which affect our realized prices under our long-term gas sales contracts; |
• | governmental regulations and actions; |
• | global economic and financial market conditions; |
• | war or other conflicts; |
• | cost and availability of new technology; |
• | changes in demographics, including population growth rates and consumer preferences; and |
• | adverse weather conditions (such as hurricanes) that can disrupt supplies or interrupt operations of our facilities. |
• | unexpected drilling conditions, including pressure or irregularities in geological formations; |
• | equipment failures or accidents; |
• | our inability to develop new technologies that permit access to previously inaccessible fields; |
• | adverse weather conditions; |
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• | compliance with unanticipated governmental requirements; |
• | shortages or delays in the availability or delivery of appropriate equipment; |
• | industrial action; and |
• | problems with legal title. |
• | a decline in the price of oil or gas, making reserves no longer economically viable to exploit and therefore not classifiable as proved; |
• | an increase in the price of oil or gas, which may reduce the reserves that we are entitled to under production sharing and risked service contracts; |
• | changes in tax rules and other government regulations that make reserves no longer economically viable to exploit; and |
• | the actual production performance of our reservoirs. |
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• | costs to prevent, control, eliminate or reduce certain types of air and water emissions, including those costs incurred in connection with government action to address climate change; |
• | remedial measures related to environmental contamination or accidents at various sites, including those owned by third parties; |
• | compensation of persons claiming damages caused by our activities or accidents; and |
• | costs in connection with the decommissioning of drilling platforms and other facilities. |
• | modifying operations; |
• | installing pollution control equipment; |
• | implementing additional safety measures; and |
• | performing siteclean-ups. |
• | the award or denial of exploration and production interests; |
• | the imposition of specific drilling obligations; |
• | priceand/or production quota controls; |
• | nationalization or expropriation of our assets; |
• | unilateral cancellation or modification of our license or contract rights; |
• | increases in taxes and royalties, including retroactive claims; |
• | the establishment of production and export limits; |
• | the renegotiation of contracts; |
• | payment delays; and |
• | currency exchange restrictions or currency devaluation. |
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Rest of | North | |||||||||||||||||||||||
(M€) | France | Europe | America | Africa | Rest of world | Total | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Non-Group sales(a) | 36,820 | 72,636 | 12,432 | 12,561 | 24,820 | 159,269 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net | 5,666 | 14,568 | 9,584 | 20,166 | 13,897 | 63,881 | ||||||||||||||||||
Capital expenditures | 1,062 | 2,629 | 3,626 | 4,855 | 4,101 | 16,273 | ||||||||||||||||||
2009 | ||||||||||||||||||||||||
Non-Group sales(a) | 32,437 | 60,140 | 9,515 | 9,808 | 19,427 | 131,327 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net | 6,973 | 15,218 | 8,112 | 17,312 | 11,489 | 59,104 | ||||||||||||||||||
Capital expenditures | 1,189 | 2,502 | 1,739 | 4,651 | 3,268 | 13,349 | ||||||||||||||||||
2008 | ||||||||||||||||||||||||
Non-Group sales(a) | 43,616 | 82,761 | 14,002 | 12,482 | 27,115 | 179,976 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net | 7,260 | 13,485 | 5,182 | 15,460 | 10,096 | 51,483 | ||||||||||||||||||
Capital expenditures | 1,997 | 2,962 | 1,255 | 4,500 | 2,926 | 13,640 | ||||||||||||||||||
(a) | Non-Group sales from continuing operations. |
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• | internal peer reviews of technical evaluations to ensure that the SEC definitions and guidance are followed; and |
• | that management makes significant funding commitments towards the development of the reserves prior to booking. |
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2010 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
Natural | Natural | Natural | ||||||||||||||||||||||||||||||||||||
Liquids | gas | Total | Liquids | gas | Total | Liquids | gas | Total | ||||||||||||||||||||||||||||||
kb/d | Mcf/d | kboe/d | kb/d | Mcf/d | kboe/d | kb/d | Mcf/d | kboe/d | ||||||||||||||||||||||||||||||
Africa | 616 | 712 | 756 | 632 | 599 | 749 | 654 | 659 | 783 | |||||||||||||||||||||||||||||
Algeria | 25 | 87 | 41 | 47 | 143 | 74 | 51 | 145 | 79 | |||||||||||||||||||||||||||||
Angola | 157 | 34 | 163 | 186 | 33 | 191 | 200 | 33 | 205 | |||||||||||||||||||||||||||||
Cameroon | 9 | 2 | 9 | 12 | 2 | 12 | 13 | 2 | 14 | |||||||||||||||||||||||||||||
The Congo, Republic of | 115 | 27 | 120 | 101 | 27 | 106 | 85 | 23 | 89 | |||||||||||||||||||||||||||||
Gabon | 63 | 20 | 67 | 67 | 20 | 71 | 73 | 20 | 76 | |||||||||||||||||||||||||||||
Libya | 55 | — | 55 | 60 | — | 60 | 74 | — | 74 | |||||||||||||||||||||||||||||
Nigeria | 192 | 542 | 301 | 159 | 374 | 235 | 158 | 436 | 246 | |||||||||||||||||||||||||||||
North America | 30 | 199 | 65 | 20 | 22 | 24 | 11 | 15 | 14 | |||||||||||||||||||||||||||||
Canada(a) | 10 | — | 10 | 8 | — | 8 | 8 | — | 8 | |||||||||||||||||||||||||||||
United States | 20 | 199 | 55 | 12 | 22 | 16 | 3 | 15 | 6 | |||||||||||||||||||||||||||||
South America | 76 | 569 | 179 | 80 | 564 | 182 | 119 | 579 | 224 | |||||||||||||||||||||||||||||
Argentina | 14 | 381 | 83 | 15 | 364 | 80 | 14 | 365 | 81 | |||||||||||||||||||||||||||||
Bolivia | 3 | 94 | 20 | 3 | 91 | 20 | 3 | 105 | 22 | |||||||||||||||||||||||||||||
Colombia | 11 | 34 | 18 | 13 | 45 | 23 | 14 | 45 | 23 | |||||||||||||||||||||||||||||
Trinidad & Tobago | 3 | 2 | 3 | 5 | 2 | 5 | 6 | 2 | 6 | |||||||||||||||||||||||||||||
Venezuela | 45 | 58 | 55 | 44 | 62 | 54 | 82 | 62 | 92 | |||||||||||||||||||||||||||||
Asia-Pacific | 28 | 1,237 | 248 | 33 | 1,228 | 251 | 29 | 1,236 | 246 | |||||||||||||||||||||||||||||
Australia | — | 6 | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Brunei | 2 | 59 | 14 | 2 | 49 | 12 | 2 | 60 | 14 | |||||||||||||||||||||||||||||
Indonesia | 19 | 855 | 178 | 25 | 898 | 190 | 21 | 857 | 177 | |||||||||||||||||||||||||||||
Myanmar | — | 114 | 14 | — | 103 | 13 | — | 117 | 14 | |||||||||||||||||||||||||||||
Thailand | 7 | 203 | 41 | 6 | 178 | 36 | 6 | 202 | 41 | |||||||||||||||||||||||||||||
CIS | 13 | 56 | 23 | 14 | 52 | 24 | 12 | 75 | 26 | |||||||||||||||||||||||||||||
Azerbaijan | 3 | 54 | 13 | 3 | 50 | 12 | 4 | 73 | 18 | |||||||||||||||||||||||||||||
Russia | 10 | 2 | 10 | 11 | 2 | 12 | 8 | 2 | 8 | |||||||||||||||||||||||||||||
Europe | 269 | 1,690 | 580 | 295 | 1,734 | 613 | 302 | 1,704 | 616 | |||||||||||||||||||||||||||||
France | 5 | 85 | 21 | 5 | 100 | 24 | 6 | 103 | 25 | |||||||||||||||||||||||||||||
The Netherlands | 1 | 234 | 42 | 1 | 254 | 45 | 1 | 244 | 44 | |||||||||||||||||||||||||||||
Norway | 183 | 683 | 310 | 199 | 691 | 327 | 204 | 706 | 334 | |||||||||||||||||||||||||||||
United Kingdom | 80 | 688 | 207 | 90 | 689 | 217 | 91 | 651 | 213 | |||||||||||||||||||||||||||||
Middle East | 308 | 1,185 | 527 | 307 | 724 | 438 | 329 | 569 | 432 | |||||||||||||||||||||||||||||
United Arab Emirates | 207 | 76 | 222 | 201 | 72 | 214 | 228 | 74 | 243 | |||||||||||||||||||||||||||||
Iran | 2 | — | 2 | 8 | — | 8 | 9 | — | 9 | |||||||||||||||||||||||||||||
Oman | 23 | 55 | 34 | 22 | 56 | 34 | 23 | 59 | 34 | |||||||||||||||||||||||||||||
Qatar | 49 | 639 | 164 | 50 | 515 | 141 | 44 | 434 | 121 | |||||||||||||||||||||||||||||
Syria | 14 | 130 | 39 | 14 | 34 | 20 | 15 | 2 | 15 | |||||||||||||||||||||||||||||
Yemen | 13 | 285 | 66 | 12 | 47 | 21 | 10 | — | 10 | |||||||||||||||||||||||||||||
Total production | 1,340 | 5,648 | 2,378 | 1,381 | 4,923 | 2,281 | 1,456 | 4,837 | 2,341 | |||||||||||||||||||||||||||||
Including share of equity andnon-consolidated affiliates | 300 | 781 | 444 | 286 | 395 | 359 | 347 | 298 | 403 | |||||||||||||||||||||||||||||
Algeria | 19 | 4 | 20 | 20 | 3 | 21 | 19 | 4 | 20 | |||||||||||||||||||||||||||||
Colombia | 7 | — | 7 | 6 | — | 6 | 5 | — | 5 | |||||||||||||||||||||||||||||
Venezuela | 45 | 6 | 46 | 44 | 6 | 45 | 82 | 6 | 83 | |||||||||||||||||||||||||||||
United Arab Emirates | 199 | 66 | 212 | 191 | 62 | 202 | 218 | 64 | 231 | |||||||||||||||||||||||||||||
Oman | 22 | 55 | 32 | 22 | 56 | 34 | 23 | 59 | 34 | |||||||||||||||||||||||||||||
Qatar | 8 | 367 | 75 | 3 | 221 | 42 | — | 165 | 30 | |||||||||||||||||||||||||||||
Yemen | — | 283 | 52 | — | 47 | 9 | — | — | — | |||||||||||||||||||||||||||||
(a) | The Group’s production in Canada consists of bitumen only. All of the Group’s bitumen production is in Canada. |
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TOTAL’s producing assets as of December 31, 2010(a) |
Year of | ||||||||
entry into | Operated | Non-operated | ||||||
the country | (Group share in %) | (Group share in %) | ||||||
Africa | ||||||||
Algeria | 1952 | |||||||
Ourhoud (19.41%)(b) | ||||||||
RKF (48.83%)(b) | ||||||||
Tin Fouye Tabankort (35.00%) | ||||||||
Angola | 1953 | Blocks 3-85, 3-91 (50.00%) | ||||||
Girassol, Jasmim, | ||||||||
Rosa, Dalia (Block 17) (40.00%) | ||||||||
Cabinda (Block 0) (10.00%) | ||||||||
Kuito, BBLT, Tombua-Landana (Block 14) (20.00%) | ||||||||
Cameroon | 1951 | Bakingili (25.50%) | ||||||
Bavo-Asoma (25.50%) | ||||||||
Boa Bakassi (25.50%) | ||||||||
Ekundu Marine (25.50%) | ||||||||
Kita Edem (25.50%) | ||||||||
Kole Marine (25.50%) | ||||||||
Mokoko - Abana (10.00%) | ||||||||
Mondoni (25.00%) | ||||||||
The Congo, Republic of | 1928 | Kombi-Likalala (65.00%) | ||||||
Nkossa (53.50%) | ||||||||
Nsoko (53.50%) | ||||||||
Moho Bilondo (53.50%) | ||||||||
Sendji (55.25%) | ||||||||
Tchendo (65.00%) | ||||||||
Tchibeli-Litanzi-Loussima (65.00%) | ||||||||
Tchibouela (65.00%) | ||||||||
Yanga (55.25%) | ||||||||
Loango (50.00%) | ||||||||
Zatchi (35.00%) | ||||||||
Gabon | 1928 | Anguille (100.00%) | ||||||
Anguille Nord Est (100.00%) | ||||||||
Anguille Sud-Est (100.00%) | ||||||||
Atora (40.00%) | ||||||||
Avocette (57.50%) | ||||||||
Ayol Marine (100.00%) | ||||||||
Baliste (50.00%) | ||||||||
Barbier (100.00%) | ||||||||
Baudroie Marine (50.00%) | ||||||||
Baudroie Nord Marine (50.00%) | ||||||||
Coucal (57.50%) | ||||||||
Girelle (100.00%) | ||||||||
Gonelle (100.00%) | ||||||||
Grand Anguille Marine (100.00%) | ||||||||
Grondin (100.00 %) | ||||||||
Hylia Marine (75.00%) | ||||||||
Lopez Nord (100.00%) | ||||||||
Mandaros (100.00%) | ||||||||
M’Boumba (100.00%) | ||||||||
Mérou Sardine Sud (50.00%) | ||||||||
Pageau (100.00%) | ||||||||
Port Gentil Océan (100.00%) | ||||||||
Port Gentil Sud Marine (100.00%) | ||||||||
Tchengue (100.00%) | ||||||||
Torpille (100.00%) | ||||||||
Torpille Nord Est (100.00%) | ||||||||
Rabi Kounga (47.50%) | ||||||||
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Year of | ||||||||
entry into | Operated | Non-operated | ||||||
the country | (Group share in %) | (Group share in %) | ||||||
Libya | 1959 | C 17 (Mabruk) (15.00%) | ||||||
C 137 (Al Jurf) (20.25%) | ||||||||
NC 115 (El Sharara) (3.90%) | ||||||||
NC 186 (2.88%) | ||||||||
Nigeria | 1962 | OML 58 (40.00%) | ||||||
OML 99 Amenam-Kpono (30.40%) | ||||||||
OML 100 (40.00%) | ||||||||
OML 102 (40.00%) | OML 102 - Ekanga (40.00%) | |||||||
OML 130 (24.00%) | ||||||||
Shell Petroleum Development Company (SPDC 10.00%) | ||||||||
OML 118 - Bonga (12.50%) | ||||||||
North America | ||||||||
Canada | 1999 | Surmont (50.00%) | ||||||
United States | 1957 | Several assets in the Barnett Shale area (25.00%) | ||||||
Tahiti (17.00%) | ||||||||
South America | ||||||||
Argentina | 1978 | Aguada Pichana (27.27%) | ||||||
Aries (37.50%) | ||||||||
Cañadon Alfa Complex (37.50%) | ||||||||
Carina (37.50%) | ||||||||
Hidra (37.50%) | ||||||||
San Roque (24.71%) | ||||||||
Sierra Chata (2.51%) | ||||||||
Bolivia | 1995 | San Alberto (15.00%) | ||||||
San Antonio (15.00%) | ||||||||
Colombia | 1973 | Caracara (34.18%)(i) | ||||||
Cusiana (11.60%) | ||||||||
Espinal (7.32%)(i) | ||||||||
San Jacinto/Rio Paez (8.14%)(i) | ||||||||
Trinidad & Tobago | 1996 | Angostura (30.00%) | ||||||
Venezuela | 1980 | PetroCedeño (30.323%) | ||||||
Yucal Placer (69.50%) | ||||||||
Asia-Pacific | ||||||||
Australia | 2005 | GLNG (20.00%) | ||||||
Brunei | 1986 | Maharaja Lela Jamalulalam (37.50%) | ||||||
Indonesia | 1968 | Bekapai (50.00%) | ||||||
Handil (50.00%) | ||||||||
Peciko (50.00%) | ||||||||
Sisi-Nubi (47.90%) | ||||||||
Tambora (50.00%) | ||||||||
Tunu (50.00%) | ||||||||
Badak (1.05%) | ||||||||
Nilam - gas and condensates (9.29%) | ||||||||
Nilam - oil (10.58%) | ||||||||
Myanmar | 1992 | Yadana (31.24%) | ||||||
Thailand | 1990 | Bongkot (33.33%) | ||||||
CIS | ||||||||
Azerbaijan | 1996 | Shah Deniz (10.00%) | ||||||
Russia | 1989 | Kharyaga (40.00%) | ||||||
Europe | ||||||||
France | 1939 | Lacq (100.00%) | ||||||
Meillon (100.00%) | ||||||||
Pecorade (100.00%) |
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Year of | ||||||||
entry into | Operated | Non-operated | ||||||
the country | (Group share in %) | (Group share in %) | ||||||
Vic-Bilh (73.00%) | ||||||||
Lagrave (100.00%) | ||||||||
Lanot (100.00%) | ||||||||
Dommartin-Lettrée (56.99%) | ||||||||
Itteville (78.73%) | ||||||||
La Croix-Blanche (100.00%) | ||||||||
Rousse (100.00%) | ||||||||
Vert-le-Grand (90.05%) | ||||||||
Vert-le-Petit (100.00%) | ||||||||
Norway | 1965 | Skirne (40.00%) | ||||||
Åsgard (7.68%) | ||||||||
Ekofisk (39.90%) | ||||||||
Eldfisk (39.90%) | ||||||||
Embla (39.90%) | ||||||||
Gimle (4.90%) | ||||||||
Glitne (21.80%) | ||||||||
Gungne (10.00%) | ||||||||
Heimdal (16.76%) | ||||||||
Huldra (24.33%) | ||||||||
Kristin (6.00%) | ||||||||
Kvitebjørn (5.00%) | ||||||||
Mikkel (7.65%) | ||||||||
Morvin (6.00%) | ||||||||
Oseberg (10.00%) | ||||||||
Oseberg East (10.00%) | ||||||||
Oseberg South (10.00%) | ||||||||
Sleipner East (10.00%) | ||||||||
Sleipner West (9.41%) | ||||||||
Snøhvit (18.40%) | ||||||||
Snorre (6.18%) | ||||||||
Statfjord East (2.80%) | ||||||||
Sygna (2.52%) | ||||||||
Tor (48.20%) | ||||||||
Tordis (5.60%) | ||||||||
Troll I (3.69%) | ||||||||
Troll II (3.69%) | ||||||||
Tune (10.00%) | ||||||||
Tyrihans (23.18%) | ||||||||
Vale (24.24%) | ||||||||
Vigdis (5.60%) | ||||||||
Vilje (24.24%) | ||||||||
Visund (7.70%) | ||||||||
Yttergryta (24.50%) | ||||||||
The Netherlands | 1964 | F6a gaz (55.66%) | ||||||
F6a huile (65.68%) | ||||||||
F15a Jurassic (38.20%) | ||||||||
F15a/F15d Triassic (32.47%) | ||||||||
F15d (32.47%) | ||||||||
J3a (30.00%) | ||||||||
K1a (40.10%) | ||||||||
K1b/K2a (54.33%) | ||||||||
K2c (54.33%) | ||||||||
K3b (56.16%) | ||||||||
K3d (56.16%) | ||||||||
K4a (50.00%) | ||||||||
K4b/K5a (36.31%) | ||||||||
K5b (45.27%) | ||||||||
K6/L7 (56.16%) | ||||||||
L1a (60.00%) |
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Year of | ||||||||
entry into | Operated | Non-operated | ||||||
the country | (Group share in %) | (Group share in %) | ||||||
L1d (60.00%) | ||||||||
L1e (55.66%) | ||||||||
L1f (55.66%) | ||||||||
L4a (55.66%) | ||||||||
E16a (16.92%) | ||||||||
E17a/E17b (14.10%) | ||||||||
J3b/J6 (25.00%) | ||||||||
Q16a (6.49%) | ||||||||
United Kingdom | 1962 | Alwyn North, Dunbar, Ellon, Grant | ||||||
Nuggets (100.00%) | ||||||||
Elgin-Franklin (EFOG 46.17%)(c) | ||||||||
Forvie Nord (100.00%) | ||||||||
Glenelg (49.47%) | ||||||||
Jura (100.00%) | ||||||||
Otter (81.00%) | ||||||||
West Franklin (EFOG 46.17%)(c) | ||||||||
Alba (12.65%) | ||||||||
Armada (12.53%) | ||||||||
Bruce (43.25%) | ||||||||
Markham unitized fields (7.35%) | ||||||||
ETAP (Mungo. Monan) (12.43%) | ||||||||
Everest (0.87%) | ||||||||
Keith (25.00%) | ||||||||
Maria (28.96%) | ||||||||
Seymour (25.00%) | ||||||||
Middle East | ||||||||
U.A.E. | 1939 | Abu Dhabi -Abu Al Bu Khoosh (75.00%) | ||||||
Abu Dhabi offshore (13.33%)(d) | ||||||||
Abu Dhabi onshore (9.50%)(e) | ||||||||
GASCO (15.00%) | ||||||||
ADGAS (5.00%) | ||||||||
Oman | 1937 | Various fields onshore (Block 6) (4.00%)(f) | ||||||
Mukhaizna field (Block 53) (2.00%)(g) | ||||||||
Qatar | 1936 | Al Khalij (100.00%) | ||||||
North Field - Block NF Dolphin (24.50%) | ||||||||
North Field - Block NFB (20.00%) | ||||||||
North Field -Qatargas 2 Train 5 (16.70%) | ||||||||
Syria | 1988 | Deir Ez Zor (Al Mazraa, Atalla North, Jafra, Marad, Qahar, Tabiyeh) (100.00%)(h) | ||||||
Yemen | 1987 | Kharir/Atuf (bloc 10) (28.57%) | ||||||
Various fields onshore (Block 5) (15.00%) | ||||||||
(a) | The Group’s interest in the local entity is approximately 100% in all cases except for Total Gabon (58.3%), Total E&P Cameroon (75.80%) and certain entities in the United Kingdom, Algeria, Abu Dhabi and Oman (see notes b through i below). | |
(b) | TOTAL has an indirect 19.41% interest in the Ourhoud field and a 48.83% indirect interest in the RKF field through its interest in CEPSA (equity affiliate). | |
(c) | TOTAL has a 35.8% indirect interest in Elgin Franklin through its interest in EFOG. | |
(d) | Through ADMA (equity affiliate), TOTAL has a 13.33% interest and participates in the operating company, Abu Dhabi Marine Operating Company. | |
(e) | Through ADPC (equity affiliate), TOTAL has a 9.50% interest and participates in the operating company, Abu Dhabi Company for Onshore Oil Operation. | |
(f) | TOTAL has a direct interest of 4.00% in Petroleum Development Oman LLC, operator of Block 6, in which TOTAL has an indirect interest of 4.00% via Pohol (equity affiliate). TOTAL also has a 5.54% interest in the Oman LNG facility (trains 1 and 2), and an indirect participation of 2.04% through OLNG in Qalhat LNG (train 3). | |
(g) | TOTAL has a direct interest of 2.00% in Block 53. | |
(h) | Operated by DEZPC which is 50.00% owned by TOTAL and 50.00% owned by SPC. | |
(i) | TOTAL has an indirect 34.18% interest in the Caracara Block, 8.14% in the San Jacinto/Rio Paez Block and 7.32% in the Espinal Block through its interest in CEPSA (equity affiliate). |
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• | On the TFT field, the compression project commissioned in 2010 is expected to extend plateau production to 185 kboe/d. |
• | Basic engineering studies for the Timimoun project were launched in 2010 following approval by the ALNAFT national agency.Start-up of the project is scheduled in 2014 with commercial production of natural gas estimated at approximately 160 Mcf/d (1.6 Bm3/y) at plateau. |
• | As part of the Ahnet project, a development plan is expected to be submitted to the authorities before mid-2011, withstart-up of production scheduled for 2015 and an expected plateau production of at least 400 Mcf/d (4 Bm3/y). |
• | Deep-offshore Block 17 (40%, operator) is TOTAL’s principal asset in Angola. It is composed of four major zones: Girassol, Dalia, Pazflor and CLOV. |
• | On Block 14 (20%), production on theTombua-Landana field started in August 2009 and adds to production from the Benguela-Belize-Lobito-Tomboco and Kuito fields. |
• | On ultra-deep offshore Block 32 (30%, operator), appraisal is continuing and pre-development studies for a first production zone in the central/southeastern portion of the block are underway (Kaombo project). |
• | On Block15/6 (15%), four major discoveries were announced in 2010. Studies are underway to demonstrate the feasibility of a first development area that would include the discoveries located on the northwest portion of the block. |
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• | On the Anguille field, five development wells were drilled in 2010 from existing platforms and the construction of a new well platform has been launched. |
• | On the deep-offshore Diaba license (Total Gabon 63.75%, operator), following the 2D seismic survey that was shot in 2008 and 2009, a 6,000 km2 3D seismic was shot in 2010. |
• | Licenses for the Avocette and Coucal fields have been renewed in the form of an operating and production sharing agreement effective as of January 1, 2011, each for a10-year period renewable for two subsequent5-year periods. |
• | Total Gabon farmed into the onshore Mutamba-Iroru (50%), DE7 (30%), and Nziembou (20%) exploration licenses in 2010. |
• | On Block C 17, the Dahra and Garian fields are in the development phase. |
• | On Block C 137, drilling of two offshore exploration wells is planned for 2011. |
• | On Blocks NC 115 and NC 186, the nearly 5,000 km2 seismic campaign is expected to be completed in 2011. |
• | On the Murzuk Basin, following a successful appraisal well drilled on the discovery made on a portion of Block NC 191 (100%(2), operator), a development plan was submitted to the authorities in 2009. |
• | In December 2010, the Group relinquished Block 42 2/4 (60%(2), operator) located in the Cyrenaic Basin at the contract expiration date following an exploration well’s disappointing results. |
• | On the Ta8 license, drilling of the exploration well ended in 2010. Results from the well are disappointing. |
• | On Block Ta7, shooting of a 1,000 km 2D seismic started in 2011. |
• | TOTAL holds a 15% interest in the Nigeria LNG gas liquefaction plant, located on Bonny Island, with an overall capacity of 22 Mt/y of LNG. In 2010, an improvement in the security situation for onshore facilities resulted in increased LNG production. NLNG’s utilization rate was approximately 72% in 2010, compared to approximately 50% in 2009. |
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Preliminary work prior to launching the Brass LNG project (17%), which calls for the construction of two trains, each with a capacity of 5 Mt/y, continued in 2010. | |
• | TOTAL strengthened its ability to supply gas to the LNG projects in which it has interests and to meet the growing domestic demand in gas: |
– | On the OML 136 license (40%), the positive results for the Agge 3 appraisal well confirmed the development potential of the license. Development studies are underway. | |
– | As part of its joint venture with the Nigerian National Petroleum Corporation (NNPC), TOTAL launched a project to increase the production capacity of the OML 58 license (40%, operator) from 370 Mcf/d to 550 Mcf/d of gas in 2011. A second phase of this project, which is currently being assessed, is expected to allow the development of other reserves through these facilities. | |
– | On the OML 112/117 licenses (40%), TOTAL continued development studies in 2010 for the Ima gas field. |
• | On the OML 102 license (40%, operator), TOTAL is expected to make the final investment decision for the Ofon phase 2 project in 2011 with astart-up scheduled in 2014. The Group also launched in 2010 an appraisal campaign for the Etisong field, located 15 km from the Ofon field, which is currently producing. |
• | On the OML 130 license (24%, operator), the Akpo field, which started up in March 2009, reached in 2010 plateau production of 225 kboe/d (in 100%). The Group is actively developing the Egina field, for which a development plan was approved by the Nigerian authorities. Basic engineering studies carried out in Nigeria are now completed and call for tenders for the projects have been launched. |
• | On the OML 138 license (20%, operator), development of the Usan project (180 kb/d, production capacity) continued in 2010, in particular with the drilling of production wells, the construction of the FPSO and the start of the installation ofsub-sea equipment. Production is expected tostart-up in 2012. |
• | TOTAL also consolidated deep offshore positions with the ongoing development of the Bonga Northwest project on the OML 118 license (12.5%). |
OML 4, 38 and 41 licenses.
• | On the Moho Bilondo field (53.5%, operator), which started up in April 2008, drilling of development wells continued in 2010. The field reached plateau production of 90 kboe/d (in 100%) in June 2010. Growth potential of the northern part of the field was confirmed by the Moho North Marine 3 appraisal well drilled at year-end 2008 following the Moho North Marine 1 and 2 discoveries, and later in 2009 by the Moho North Marine 4 exploration well that discovered new resources. Finally, two positive appraisal wells (Bilondo Marine 2 & 3) drilled at year-end 2010 in the southern portion of the field confirmed an additional growth potential as an extension of existing facilities. |
• | Production on Libondo (65%, operator), which is part of the Kombi-Likalala-Libondo operating license, started up in March 2011. Anticipated plateau production is 8 kb/d (in 100%). A substantial portion of the equipment was sourced locally in Pointe-Noire through the redevelopment of a construction site that had been idle for several years. |
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• | On the Surmont lease, commercial production in SAGD mode from the first development phase (Surmont Phase 1A) started in late 2007. |
Construction work for phases 1B and 1C was completed, which should allow these phases to reach production level estimated at 24 kb/d (in 100%). The wells of phase 1B gradually started production in 2009 and 2010 and those of phase 1C are expected to be connected and to start production in 2011. | |
In early 2010, the partners of the project decided to launch the construction of the second phase of development.Start-up of production from Surmont Phase 2 is scheduled in 2015 and overall production capacity from Surmont (phases 1 and 2) is expected to increase to 110 kb/d (in 100%). | |
• | The Joslyn lease, located approximately 140 km north of Surmont, is expected to be developed through mining in two phases of 100 kb/d of bitumen each. |
The comprehensive review of the first phase (Joslyn North Mine), notably to meet the requirements of the February 2009 new regulation related to tailings management, was completed in February 2010 concurrent with the filing of an updated administrative file. Continuation of the preparation work for Joslyn North Mine was approved in early March 2010 and basic engineering studies were launched that are expected to end in mid-2011. Public hearings that are necessary for the project to be approved by the Canadian authorities were held in September and October 2010. The project was recommended as being in the public’s interest on January 27, 2011, subject to TOTAL satisfying twenty conditions mainly related to the protection of the environment. Preliminary site preparation work is expected to be carried out from the winter2011-2012 and production is scheduled to start in 2017/2018. However, the final schedule is subject to the Energy Resources Conservation Board’s (ERCB) administrative approval process. As part of the partnership agreement signed at year-end 2010 with Suncor, the Group decreased its interest in Joslyn to 38.25% from 75%. | |
• | TOTAL closed in September 2010 the acquisition of UTS and its sole asset: a 20% interest in the Fort Hills lease. In December 2010, as part of their partnership, TOTAL acquired from Suncor an additional 19.2% interest in the Fort Hills lease and increased its interest to 39.2%.Start-up of the Fort Hills project, which was approved by the relevant authorities for a first development phase of 160 kb/d, is expected in 2016. |
• | TOTAL also acquired in late December 2010 a 49% interest in Suncor’sVoyageur upgrader project. TOTAL and Suncor agreed to develop the Fort Hills andVoyageur projects in parallel. ThisVoyageurupgrader project that Suncor mothballed at year-end 2008 will resume in 2011 and will start up concurrently with the Fort Hills project. As a consequence, the Group has abandoned its upgrader project in Edmonton. |
• | In 2008, the Group closed the acquisition of Synenco, the two principal assets of which are a 60% interest in the Northern Lights project and 100% of the adjacent McClelland lease. In early 2009, the Group sold to Sinopec, the other partner in the project, a 10% share in the Northern Lights project and a 50% share in the McClelland lease, reducing its interest in each of the assets to 50%. The Northern Lights project, located approximately 50 km north of Joslyn, is expected to be developed through mining techniques. |
• | In the Gulf of Mexico: |
– | The deep-offshore Tahiti oil field (17%) started producing in May 2009 and rapidly reached plateau production of 135 kboe/d. Phase 2 was launched in September 2010 with the drilling of the first water injection well. | |
– | Development of the first phase of the deep-offshore Chinook project (33.33%) is ongoing. The production test is scheduled to start in the first half of 2011. | |
– | The TOTAL (40%) — Cobalt (60%, operator) alliance’s exploration drilling campaign was |
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launched in 2009 and the drilling of the first wells produced disappointing results. This campaign was disrupted due to the U.S. government’s moratorium on offshore drilling operations from May to October 2010 and may resume by mid-2011. In April 2009, TOTAL and Cobalt had signed an agreement related to the merger of their deep offshore acreage. Cobalt is operating the exploration phase. |
– | In April 2010, the Group disposed of its interests in the Matterhorn and Virgo operated fields. |
• | Following the signature of an agreement in December 2009, a joint venture was set up with Chesapeake to produce shale gas in the Barnett Shale Basin, Texas. As part of this joint venture, TOTAL holds 25% of Chesapeake’s portfolio in the Barnett Shale area. In 2010, 400 wells were drilled to increase gas production from 700 Mcf/d at the beginning of the year to 800 Mcf/d at year-end. Engineers from TOTAL are assigned to the teams led by Chesapeake. |
• | In January 2009, the Group closed the acquisition of a 50% interest in American Shale Oil LLC (AMSO) to develop oil shale technology. The pilot to develop this technology is underway in Colorado. |
• | In Alaska, TOTAL acquired in 2008 a 30% interest in several onshore exploration blocks known as “White Hills”. Most of them were relinquished in mid-2009 following disappointing results. |
• | In the Neuquén Basin, the connection of satellite discoveries and an increase in compression capacity resulted in the extension of the San Roque (24.7%, operator) and Aguada Pichana (27.3%, operator) fields’ plateau production. |
In 2009, TOTAL and the Argentinean authorities signed an agreement extending the Aguada Pichana and San Roque concessions for ten years (from 2017 to 2027). As part of this agreement, 3D seismic was shot in late 2009 in the Las Carceles canyons area to allow the development of Aguada Pichana to continue westward. |
• | In Tierra del Fuego, where the Group notably operates the offshore Carina and Aries fields (37.5%), gas production capacity increased from 424 Mcf/d to 565 Mcf/d in 2007 thanks to the installation of a fourth medium-pressure compressor to debottleneck the facilities. Work to increase the capacity of the pipeline that routes the gas to the region of Buenos Aires was completed in July 2010. This allowed the Group to increase production up to the maximum capacity of the processing plant during the southern winter. |
• | Production started up in February 2011 on the gas and condensates Itaú field located on Block XX Tarija Oeste; it is routed to the existing facilities of the neighboring San Alberto field. In 2010, TOTAL decreased its interest to 41% in Block XX Tarija Oeste after divesting 34% and is no longer the operator. |
• | In 2004, TOTAL discovered the Incahuasi gas field on the Ipati Block. Following the interpretation of the 3D seismic shot in 2008, an appraisal well is ongoing on the adjacent Aquio Block to confirm the extension of the discovery to the north. In 2010, TOTAL signed an agreement to dispose of 20% in the Aquio and Ipati licenses. Under this agreement, which is subject to the approval by the Bolivian authorities, TOTAL’s interest in the licenses will be 60%. |
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• | On Block BC-2, following seismic reprocessing, a pre-salt prospect was found under the Xerelete (formerly Curió) discovery made in 2001 at a water depth of 2,400 m. |
• | The southern extremity of Xelerete is located on Block BM-C-14, which is adjacent to Block BC-2. A unitization agreement was completed by the partners on both blocks. This agreement is subject to approval by the ANP (Agência National do Petroléo). |
• | In June 2010, the Group acquired a 20% interest in the BM-S-54 license. Preliminary assessment of data from the exploration drilling, which was completed in November 2010, was positive and a second drilling is expected in 2011. |
• | On Cusiana, construction of the facilities intended to increase gas production capacity from 180 Mcf/d to 250 Mcf/d was completed in December 2010. In addition, start up of a project to extract 6 kb/d of LPG is expected in 2011. |
• | On Niscota, drilling of the Huron-1 well led to the discovery in 2009 of a gas and condensate field. A 3D seismic survey completed in 2010 aimed at determining the size of the discovery and the location of new appraisal wells. Drilling of an appraisal well is expected in 2011. |
• | Pursuant to the decision by the Venezuelan authorities to terminate all operating contracts signed in the 1990s, the Sincor association in which TOTAL held an interest was transformed into a mixed public/private company: PetroCedeño. Under this agreement that led to the transfer of operatorship to PetroCedeño, TOTAL’s interest in the project decreased from 47% to 30.323% and PDVSA’s interest increased to 60%. The transformation process was completed in February 2008. |
PDVSA agreed to compensate TOTAL for the reduction of its interest in Sincor by assuming $326 million of debt and by paying, mostly in crude oil, $834 million. The compensation process was completed in 2009. | |
• | On Block 4, the exploration campaign, which involved three wells, was completed in 2007. In 2008, the authorities agreed to let the partners retain the Cocuina discovery zone (lots B and F) and relinquish the rest of the block. |
• | In early 2008, TOTAL signed two agreements for joint studies with PDVSA on the Junin 10 Block, in the Orinoco Belt. |
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• | FEED studies for the development of the gas and condensates Ichthys field located in the Browse Basin are ongoing. The studies launched in 2009 include a floating platform designed for gas production, treatment and export, an FPSO to stabilize and export condensates, an 885 km gas pipeline and a liquefaction plant located in Darwin. |
Production capacity is expected to be 8.4 Mt/y of LNG and 1.6 Mt/y of LPG as well as production capacity of 100 kb/d of condensates. The operator plans astart-up of the field at year-end 2016. | |
• | In late 2010, TOTAL acquired a 20% interest in the GLNG project, followed by an additional 7.5% interest for which the acquisition was closed in March 2011. This integrated gas production, transport and liquefaction project is based on the development of coal gas from the Fairview, Roma, Scotia and Arcadia fields. The final investment decision was made in January 2011 andstart-up is expected in 2015. LNG production is expected to eventually reach 7.2 Mt/y. |
• | Major seismic acquisition activity occurred in 2008 on the four exploration licenses operated by TOTAL, followed by the interpretation of data in 2009. A drilling campaign involving two wells started in early 2011 on the WA403 license (60%, operator). |
• | In 2010, following unsuccessful results, TOTAL relinquished the exploration licenses located in the Carnarvon Basin. |
• | On the Mahakam permit: |
– | Drilling of additional wells on the Tunu field continued in 2010 as part of the twelfth and thirteenth development phases. The 3D seismic campaign on the central/southeastern portion of the field was completed in 2010 and drilling of development wells to discover shallow gas reservoir started in 2010. |
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– | On Peciko, following thestart-up of a new platform (phase 5) in late 2008, a new phase of drilling operations (phase 7) started in 2009 and continued in 2010. New low-pressure compression capacities (phase 6) were commissioned in May 2010. | |
– | On Bekapai, debottlenecking operations to increase gas production were completed in July 2010. | |
– | Development of the South Mahakam permit continued with the award of the Engineering, Procurement and Construction contract (EPC) in August 2010 to develop the Stupa, West Stupa and East Mandu discoveries.Start-up of production is expected in early 2013. |
• | On the Sisi-Nubi field, which began production in 2007, drilling operations continue. The gas from Sisi-Nubi is produced through Tunu’s processing facilities. |
• | In 2008, a seismic campaign was conducted on the Southeast Mahakam exploration block (50%, operator), located in the Mahakam Delta. Drilling of the first exploration well (Trekulu 1) was completed in late 2010. |
• | In May 2010, the Group acquired a 24.5% interest in two exploration blocks — Arafura and Amborip VI — located in the Arafura sea. Drilling of a first well started in mid-November 2010 on the Amborip VI license, which was followed by a second drilling that started in early 2011 on the Arafura license. |
• | In October 2010, the Group closed the acquisition of a 15% interest in the Sebuku license where the Ruby gas discovery is located, the development of which was launched in mid-February 2011 with targeted production of 100 Mcf/d of natural gas and expectedstart-up in 2013. |
• | On the northern portion of the Bongkot field, the 3F (three wellhead platforms) and 3G (two platforms) development phases came onstream in 2008 and 2009, respectively. New investments allow gas demand to be met and plateau production to be maintained: |
– | the three platforms from the 3H development phase were installed in 2010 and production started up in early 2011; | |
– | phase 3J (two platforms) was launched in late 2010; and | |
– | additional low-pressure compressors have been installed to increase gas production. |
• | The southern portion of the field (Great Bongkot South) is also being developed in several phases. This development is designed to include a processing platform, a residential platform and thirteen production platforms. Construction of the facilities, which began in 2009, accelerated in 2010 and production is expected to start up in early 2012. |
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• | Gas deliveries to Turkey and Georgia from the Shah Deniz field continued throughout 2010, at a lower pace for Turkey due to weaker demand. In 2010, SOCAR, the Azerbaijan state-owned company, took gas quantities superior to those provided for by the agreement. |
An agreement was made with Botas, a Turkish state-owned company, to revise the price of gas sold to Turkey as part of Shah Deniz Phase 1, applicable with retroactive effect from April 15, 2008. | |
Development studies and business negotiations for the sale of additional gas needed to launch a second development phase in Shah Deniz continued in 2010. SOCAR and Botas signed in June 2010 a Memorandum of Understanding for the sale of additional gas volumes and the transfer conditions for volumes intended for the European market. This agreement is expected to allow FEED studies to start in 2011 for the second phase. | |
• | On the BTC oil pipeline, notably used to transport the condensates produced at Shah Deniz, equipment was installed in 2009 to inject additives to reduce drag. This resulted in the oil pipeline capacity increasing from 1 Mb/d to 1.2 Mb/d. |
• | In 2007, TOTAL and Gazprom signed an agreement for the first phase of development on the giant Shtokman gas and condensates field, located in the Barents Sea. Under this agreement, Shtokman Development AG (TOTAL, 25%) was created in 2008 to design, build, finance and operate this first development phase whose overall production capacity is expected to be 23.7 Bm3/y (0.4 Mboe/d). Engineering studies are underway for the portion of the project that will allow the transport of gas by pipeline through the Gazprom network (offshore development, gas pipeline and onshore gas and condensates processing facilities — Teriberka site), |
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with a final investment decision expected in 2011, and for the LNG part of the project that will allow the export of 7.5 Mt/y of LNG from a new harbor located in Teriberka, representing approximately half of the gas produced by the first development phase. |
• | In December 2009, TOTAL closed the acquisition from Novatek of a 49% interest in Terneftegas, which holds a development and production license on the onshore Termokarstovoye field. An appraisal well was drilled in 2010, the results of which are expected to lead to a final investment decision by year-end 2011. |
• | On the Kharyaga field, work related to the development plan of phase 3 is ongoing. This development plan is intended to maintain plateau production at the30 kboe/d (in 100%) level reached in late 2009. In December 2009, TOTAL signed an agreement, effective January 1, 2010, to sell 10% of the field to state-owned Zarubezhneft, and decreased its interest to 40%. |
• | In October 2009, TOTAL signed an agreement setting forth the principles of a partnership with KazMunaiGas (KMG) for the development of the Khvalynskoye gas and condensates field, located offshore in the Caspian Sea on the border between Kazakhstan and Russia, under Russian jurisdiction. Gas production is expected to be transported to Russia. Pursuant to this agreement, TOTAL is planning to acquire a 17% interest in KMG’s share. |
• | On March 2, 2011, TOTAL and Novatek signed two agreements in principle providing for: |
– | TOTAL becoming the main international partner on the Yamal LNG project with a 20% interest, and Novatek holding a 51% interest in the project. As part of the agreement, the transaction is expected to be closed by July 2011. | |
– | TOTAL taking a 12.08% interest in Novatek with both parties intending that TOTAL increases its interest to 15% within 12 months and to 19.40% within 36 months. |
• | In the Norwegian North Sea, production was 226 kboe/d in 2010. The most substantial contribution to production, for the most part non-operated, comes from the Greater Ekofisk Area (Ekofisk, Eldfisk, Embla, etc.), located in the south. |
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The Greater Hild Area (Hild East, Central, West, etc.) is located in the north. |
– | Several projects are ongoing or are under study in the Greater Ekofisk Area, where the Group has a 39.9% participation in the Ekofisk and Eldfisk fields. The Ekofisk South and Eldfisk 2 projects are expected to be launched in 2011 after receiving the approval from the Norwegian authorities. | |
– | In 2010, the Group sold its interests in the Valhall/Hod fields. | |
– | On the Greater Hild Area, the Group holds a 49% interest (operator). The development scheme was selected at year-end 2010. The project is expected to be approved in 2011 and production is scheduled to start up in 2016. | |
– | On Frigg, decommissioning is completed. |
• | In the Norwegian Sea, the Haltenbanken area includes the Tyrihans (23.2%), Mikkel (7.7%) and Kristin (6%) fields as well as the Åsgard (7.7%) field and its satellites Yttergryta (24.5%) and Morvin (6%). Morvin started up in August 2010 as planned, with two producing wells. In 2010, the Group’s production in the Haltenbanken area was 61 kboe/d. |
• | In the Barents Sea, LNG production on Snøhvit (18.4%) started in 2007. This project includes development of the natural gas fields, Snøhvit, Albatross and Askeladd, as well as the construction of the associated liquefaction facilities. Due to design problems, the plant experienced reduced capacity during thestart-up phase. A number of maintenance turnarounds were scheduled to fix the issue and the plant is now operating at its design capacity (4.2 Mt/y). |
• | On the K5F field (40.39%, operator), production began in 2008. This project is comprised of twosub-sea wells connected to the existing production and transport facilities. K5F is the first project in the world to use only electrically drivensub-sea well heads and systems. |
• | Development of the K5CU project (49%, operator) was launched in 2009 and production started up in early 2011. This development includes four wells supported by a platform that has been installed in September 2010 and is connected to the K5A platform by a 15 km gas pipeline. |
• | On the Alwyn zone,start-up of satellite fields or new reservoir compartments allowed production to be maintained. The processing and compressing capacities of the Alwyn platform increased from 530 Mcf/d to 575 Mcf/d during the summer of 2008 planned shutdown for maintenance. |
The N52 well drilled on Alwyn (100%) in a new compartment of the Statfjord reservoir came onstream in February 2010 with initial flow of 15 kboe/d (gas and condensates). |
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• | In the West of Shetland area, TOTAL increased its interest to 80% in the Laggan and Tormore fields in early 2010. |
The final investment decision for the Laggan/Tormore project was made in March 2010 and commercial production is scheduled to start in 2014 with an expected capacity of 90 kboe/d. The joint development scheme selected by TOTAL and its partner includessub-sea production facilities and off-gas treatment (gas and condensates) at a plant located near the Sullom Voe terminal in the Shetland Islands. The gas would then be exported to the Saint-Fergus terminal via a new pipeline connected to the Frigg pipeline (FUKA). |
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• | Production from Dolphin started during the summer of 2007 and reached its full capacity in the first quarter of 2008. The contract, signed in 2001 with state-owned Qatar Petroleum, provides for the sale of 2 Bcf/d of gas from the North field for a25-year period. The gas is processed in the Dolphin plant in Ras Laffan and exported to the United Arab Emirates through a 360 km gas pipeline. |
• | Production from train 5 of Qatargas 2, which started in September 2009, reached its full capacity(7.8 Mt/y) at year-end 2009. TOTAL has owned an interest in this train since 2006. In addition, TOTAL began to off-take part of the LNG produced in compliance with the contracts signed in 2006, which provide for the purchase of 5.2 Mt/y of LNG from Qatargas 2 by the Group. |
• | in 2008, the10-year extension, to 2021, of the production sharing agreement of the Deir Ez Zor license; |
• | in 2009, the Tabiyeh agreement, which primarily provides for an increase in the production from the gas and condensates Tabiyeh field; and |
• | in 2009, the Cooperation Framework Agreement, which provides for the development of oil projects in partnership with the Syrian company General Petroleum Corporation. |
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As of December 31, | 2010 | 2009 | 2008 | ||||||||||||||||||||||||||
(in thousand of acres at | Undeveloped | Developed | Undeveloped | Developed | Undeveloped | Developed | |||||||||||||||||||||||
year-end) | acreage(a) | acreage | acreage(a) | acreage | acreage(a) | acreage | |||||||||||||||||||||||
Europe | Gross | 6,802 | 776 | 5,964 | 667 | 5,880 | 647 | ||||||||||||||||||||||
Net | 3,934 | 184 | 2,203 | 182 | 2,191 | 181 | |||||||||||||||||||||||
Africa | Gross | 72,639 | 1,229 | 85,317 | 1,137 | 85,883 | 1,112 | ||||||||||||||||||||||
Net | 33,434 | 349 | 45,819 | 308 | 41,608 | 292 | |||||||||||||||||||||||
Americas | Gross | 16,816 | 1,022 | 9,834 | 776 | 8,749 | 484 | ||||||||||||||||||||||
Net | 5,755 | 319 | 4,149 | 259 | 4,133 | 186 | |||||||||||||||||||||||
Middle East | Gross | 29,911 | 1,396 | 33,223 | 204 | 33,223 | 199 | ||||||||||||||||||||||
Net | 2,324 | 209 | 2,415 | 97 | 2,415 | 69 | |||||||||||||||||||||||
�� | |||||||||||||||||||||||||||||
Asia | Gross | 36,519 | 539 | 29,609 | 397 | 25,778 | 387 | ||||||||||||||||||||||
Net | 17,743 | 184 | 16,846 | 169 | 12,529 | 131 | |||||||||||||||||||||||
Total | Gross | 162,687 | 4,962 | 163,947 | 3,181 | 159,513 | 2,829 | ||||||||||||||||||||||
Net(b | ) | 63,190 | 1,245 | 71,432 | 1,015 | 62,876 | 859 | ||||||||||||||||||||||
(a) | Undeveloped acreage includes leases and concessions, | |
(b) | Net acreage equals the sum of the Group’s fractional interest in gross acreage. |
As of December 31, | 2010 | 2009 | 2008 | ||||||||||||||||||||||||
Gross | Net | Gross | Net | Gross | Net | ||||||||||||||||||||||
productive | productive | productive | productive | productive | productive | ||||||||||||||||||||||
(number of wells at year-end) | wells | wells(a) | wells | wells(a) | wells | wells(a) | |||||||||||||||||||||
Europe | Liquids | 569 | 151 | 705 | 166 | 700 | 166 | ||||||||||||||||||||
Gas | 368 | 132 | 328 | 125 | 328 | 127 | |||||||||||||||||||||
Africa | Liquids | 2,250 | 628 | 2,371 | 669 | 2,465 | 692 | ||||||||||||||||||||
Gas | 182 | 50 | 190 | 50 | 112 | 34 | |||||||||||||||||||||
Americas | Liquids | 884 | 261 | 821 | 241 | 621 | 176 | ||||||||||||||||||||
Gas | 2,532 | 515 | 1,905 | 424 | 254 | 79 | |||||||||||||||||||||
Middle East | Liquids | 7,519 | 701 | 3,766 | 307 | 3,762 | 264 | ||||||||||||||||||||
Gas | 360 | 49 | 136 | 32 | 83 | 15 | |||||||||||||||||||||
Asia | Liquids | 196 | 75 | 157 | 75 | 184 | 68 | ||||||||||||||||||||
Gas | 1,258 | 411 | 1,156 | 379 | 1,049 | 271 | |||||||||||||||||||||
Total | Liquids | 11,418 | 1,816 | 7,820 | 1,458 | 7,732 | 1,366 | ||||||||||||||||||||
Gas | 4,700 | 1,157 | 3,715 | 1,010 | 1,826 | 526 | |||||||||||||||||||||
(a) | Net wells equal the sum of the Group’s fractional interest in gross wells. |
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As of December 31, | 2010 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||
Net | Net | Net | |||||||||||||||||||||||||||||||||||||
productive | Net dry | Total | productive | Net dry | Total | productive | Net dry | Total | |||||||||||||||||||||||||||||||
wells | wells | net wells | wells | wells | net wells | wells | wells | net wells | |||||||||||||||||||||||||||||||
drilled(a) | drilled(a) | drilled(a) | drilled(a) | drilled(a) | drilled(a) | drilled(a) | drilled(a) | drilled(a) | |||||||||||||||||||||||||||||||
Exploratory(b) | Europe | 1.7 | 0.2 | 1.9 | 0.4 | 3.7 | 4.1 | 1.3 | 2.0 | 3.3 | |||||||||||||||||||||||||||||
Africa | 1.6 | 4.3 | 5.9 | 5.9 | 3.2 | 9.1 | 4.7 | 3.2 | 7.9 | ||||||||||||||||||||||||||||||
Americas | 1.0 | 1.6 | 2.6 | 0.8 | 1.6 | 2.4 | — | 2.6 | 2.6 | ||||||||||||||||||||||||||||||
Middle East | 0.9 | 0.3 | 1.2 | 0.3 | — | 0.3 | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||
Asia | 3.2 | 1.2 | 4.4 | 1.7 | 1.2 | 2.9 | 4.1 | 2.2 | 6.3 | ||||||||||||||||||||||||||||||
Subtotal | 8.4 | 7.6 | 16.0 | 9.1 | 9.7 | 18.8 | 10.5 | 10.0 | 20.5 | ||||||||||||||||||||||||||||||
Development | Europe | 5.0 | — | 5.0 | 5.0 | — | 5.0 | 6.2 | — | 6.2 | |||||||||||||||||||||||||||||
Africa | 18.1 | — | 18.1 | 27.5 | 0.2 | 27.7 | 38.3 | 6.4 | 44.7 | ||||||||||||||||||||||||||||||
Americas | 135.3 | 112.5 | 247.8 | 31.2 | 104.3 | 135.5 | 41.5 | 270.9 | 312.4 | ||||||||||||||||||||||||||||||
Middle East | 29.6 | 1.4 | 31.0 | 42.6 | 3.4 | 49.0 | 61.2 | 7.6 | 68.8 | ||||||||||||||||||||||||||||||
Asia | 59.3 | — | 59.3 | 63.5 | 0.3 | 63.8 | 58.7 | — | 58.7 | ||||||||||||||||||||||||||||||
Subtotal | 247.3 | 113.9 | 361.2 | 172.8 | 108.2 | 281.0 | 205.9 | 284.9 | 490.8 | ||||||||||||||||||||||||||||||
Total | 255.7 | 121.5 | 377.2 | 181.9 | 117.9 | 299.8 | 216.4 | 294.9 | 511.3 | ||||||||||||||||||||||||||||||
(a) | Net wells equal the sum of the Group’s fractional interest in gross wells. | |
(b) | Previously published data for 2009 have been restated. |
As of December 31, | 2010 | 2009 | 2008 | ||||||||||||||||||||||||
(number of wells at year-end) | Gross | Net(a) | Gross | Net(a) | Gross | Net(a) | |||||||||||||||||||||
Exploratory | Europe | 3 | 2.1 | 1 | 0.5 | 2 | 1.1 | ||||||||||||||||||||
Africa | 4 | 1.4 | 4 | 1.3 | 7 | 2.5 | |||||||||||||||||||||
Americas | 2 | 0.9 | 2 | 0.6 | 1 | 0.5 | |||||||||||||||||||||
Middle East | 2 | 1.2 | 1 | 0.4 | 1 | 0.3 | |||||||||||||||||||||
Asia | 2 | 1.1 | — | — | 1 | 0.1 | |||||||||||||||||||||
Subtotal | 13 | 6.7 | 8 | 2.8 | 12 | 4.5 | |||||||||||||||||||||
Development | Europe | 21 | 3.8 | 5 | 2.2 | 7 | 3.7 | ||||||||||||||||||||
Africa | 29 | 6.4 | 31 | 8.5 | 19 | 4.3 | |||||||||||||||||||||
Americas | 99 | 29.2 | 60 | 17.8 | 9 | 3.2 | |||||||||||||||||||||
Middle East | 20 | 5.1 | 40 | 4.8 | 5 | 2.2 | |||||||||||||||||||||
Asia | 23 | 9.8 | 12 | 5.5 | 23 | 7.8 | |||||||||||||||||||||
Subtotal | 192 | 54.3 | 148 | 38.8 | 63 | 21.2 | |||||||||||||||||||||
Total | 205 | 61.0 | 156 | 41.6 | 75 | 25.7 | |||||||||||||||||||||
(a) | Net wells equal the sum of the Group’s fractional interest in gross wells. |
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% | ||||||||||||||||||||
Pipeline(s) | Origin | Destination | interest | Operator | Liquids | Gas | ||||||||||||||
EUROPE | ||||||||||||||||||||
France | ||||||||||||||||||||
TIGF | Network South West | 100.00 | x | x | ||||||||||||||||
Norway | ||||||||||||||||||||
Frostpipe (inhibited) | Lille-Frigg, Froy | Oseberg | 36.25 | x | ||||||||||||||||
Gassled(a) | 7.76 | x | ||||||||||||||||||
Heimdal to Brae Condensate Line | Heimdal | Brae | 16.76 | x | ||||||||||||||||
Kvitebjorn pipeline | Kvitebjorn | Mongstad | 5.00 | x | ||||||||||||||||
Norpipe Oil | Ekofisk Treatment center | Teeside (UK) | 34.93 | x | ||||||||||||||||
Oseberg Transport System | Oseberg, Brage and Veslefrikk | Sture | 8.65 | x | ||||||||||||||||
Sleipner East Condensate Pipe | Sleipner East | Karsto | 10.00 | x | ||||||||||||||||
Troll Oil Pipeline I and II | Troll B and C | Vestprosess (Mongstad refinery) | 3.71 | x | ||||||||||||||||
The Netherlands | ||||||||||||||||||||
Nogat pipeline | F3-FB | Den Helder | 5.00 | x | ||||||||||||||||
WGT K13-Den Helder | K13A | Den Helder | 4.66 | x | ||||||||||||||||
WGT K13-Extension | Markham | K13 (via K4/K5) | 23.00 | x | ||||||||||||||||
United Kingdom | ||||||||||||||||||||
Alwyn Liquid Export Line | Alwyn North | Cormorant | 100.00 | x | x | |||||||||||||||
Bruce Liquid Export Line | Bruce | Forties (Unity) | 43.25 | x | ||||||||||||||||
Central Area Transmission System (CATS) | Cats Riser Platform | Teeside | 0.57 | x | ||||||||||||||||
Central Graben Liquid Export Line (LEP) | Elgin-Franklin | ETAP | 15.89 | x | ||||||||||||||||
Frigg System : UK line | Alwyn North, Bruce and others | St.Fergus (Scotland) | 100.00 | x | x | |||||||||||||||
Ninian Pipeline System | Ninian | Sullom Voe | 16.00 | x | ||||||||||||||||
Shearwater Elgin Area Line (SEAL) | Elgin-Franklin, Shearwater | Bacton | 25.73 | x | ||||||||||||||||
SEAL to Interconnector Link (SILK) | Bacton | Interconnector | 54.66 | x | x | |||||||||||||||
AFRICA | ||||||||||||||||||||
Algeria | ||||||||||||||||||||
Medgaz | Algeria | Spain | 9.77 | (b) | x | |||||||||||||||
Gabon | ||||||||||||||||||||
Mandji Pipes | Mandji fields | Cap Lopez Terminal | 100.00 | (c) | x | x | ||||||||||||||
Rabi Pipes | Rabi fields | Cap Lopez Terminal | 100.00 | (c) | x | x | ||||||||||||||
AMERICAS | ||||||||||||||||||||
Argentina | ||||||||||||||||||||
Gas Andes | Neuquen Basin (Argentina) | Santiago (Chile) | 56.50 | x | x | |||||||||||||||
TGN | Network (Northern Argentina) | 15.40 | x | x | ||||||||||||||||
TGM | TGN | Uruguyana (Brazil) | 32.68 | x | x | |||||||||||||||
Bolivia | ||||||||||||||||||||
Transierra | Yacuiba (Bolivia) | Rio Grande (Bolivia) | 11.00 | x | ||||||||||||||||
Brazil | ||||||||||||||||||||
TBG | Bolivia-Brazil border | Porto Alegre via São Paulo | 9.67 | x | ||||||||||||||||
Colombia | ||||||||||||||||||||
Ocensa | Cusiana | Covenas Terminal | 15.20 | x | ||||||||||||||||
Oleoducto de Alta Magdalena | Tenay | Vasconia | 0.93 | x | ||||||||||||||||
Oleoducto de Colombia | Vasconia | Covenas | 9.55 | x | ||||||||||||||||
ASIA | ||||||||||||||||||||
Yadana | Yadana (Myanmar) | Ban-I Tong (Thai border) | 31.24 | x | x | |||||||||||||||
REST OF WORLD | ||||||||||||||||||||
BTC | Baku (Azerbaijan) | Ceyhan (Turkey, Mediterranean) | 5.00 | x | ||||||||||||||||
SCP | Baku (Azerbaijan) | Georgia/Turkey Border | 10.00 | x | ||||||||||||||||
Dolphin (International transport and network) | Ras Laffan (Qatar) | U.A.E. | 24.50 | x | ||||||||||||||||
(a) | Gassled: unitization of Norwegian gas pipelines through a new joint venture in which TOTAL has an interest of 7.761%. In addition to its direct interest in Gassled, TOTAL holds a 14.4% interest in a joint venture with Norsea Gas AS, which holds 2.839% in Gassled. | |
(b) | Through the Group’s interest in CEPSA (48.83%). | |
(c) | Interest of Total Gabon. The Group has a financial interest of 58.3% in Total Gabon. |
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• | the upstream/downstream integration of the solar photovoltaic channel; |
• | thermochemical and biochemical conversion of feedstock into fuels or chemicals; and |
• | nuclear power generation with the long-term objective of becoming a power plant operator. |
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• | following the open season launched in 2009, TIGF intends to develop two new projects, the Artère du Béarn and phase B of the Artère de Guyenne gas pipelines, which are scheduled to be commissioned in 2013; and |
• | another open season launched in 2010, which involved four French and Spanish transport operators including TIGF, is expected to result in the completion of the Euskadour project by 2015. |
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• | The Afam VI project, part of the SPDC (Shell Petroleum Development Company) joint venture in which TOTAL holds a 10% interest, concerns the development of a 630 MW combined-cycle power plant. Commercial operations started in December 2010. |
• | The development of a new 400 MW combined-cycle power plant near the city of Obite (Niger Delta) in connection with the OML 58 gas project, part of the joint venture between NNPC and TOTAL (40%, operator). A final investment decision is expected in the first half of 2011 and commissioning is scheduled in the first half of 2013 in open cycle and in early 2014 in closed cycle. The power plant will be connected to the existing power grid through a new 108 km high-voltage transmission line. |
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• | InWestern Europe, TOTAL’s refining capacity was 2,049 kb/d in 2010, accounting for more than 85% of the Group’s overall refining capacity at year-end 2010. The Group operates nine refineries in Western Europe, and holds interests in the German refinery of Schwedt, in four Spanish refineries through its interest in CEPSA(4) and in two refineries in Italy through its interest in TotalErg. Once finalized, the Group’s disposal of its interest in CEPSA is expected to lead to a decrease of nearly 260 kb/d in TOTAL’s refining capacities in Europe. |
— | InFrance, the Group continues to adapt its refining capacities and shift the production emphasis to diesel, in a context of structural decline in petroleum products demand in Europe and increase in gasoline surpluses. |
In October 2010, TOTAL was authorized by a court ruling to implement its project to repurpose the Flanders site (Dunkirk refinery with a distillation capacity of 7 Mt/y). The shutdown of the refining business will lead to gradually dismantling the units. The Group confirmed its project of repurposing the site through the creation of a technical support center, a refining training school, an oil depot and business offices. |
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— | In theUnited Kingdom, commissioning of the hydrodesulphurization (HDS) unit at the Lindsey refinery is expected in the first half of 2011. This will result in processing up to 70% of high-sulphur crudes, compared to 10% currently, and increase low-sulphur diesel production. In parallel, TOTAL announced that it offered for sale the Lindsey refinery in 2010. | |
— | InGermany, the HDS unit that started up in September 2009 at the Leuna refinery was operated successfully in 2010. This unit is designed to supply the German market with low-sulphur heating oil. |
— | InItaly, TotalErg (TOTAL, 49%) has operated the Rome refinery (100%) since October 2010 and holds a 25.9% interest in the Trecate refinery. | |
— | InSpain, CEPSA completed its investments intended to improve the conversion capacity of the Huelva refinery so as to meet the growing demand for middle distillates in the Spanish market. A hydrocracker unit, two additional distillation units (one atmospheric and one vacuum) and a desulphurization unit were inaugurated in October 2010. Distillation capacity increased to 178 kb/d from 100 kb/d. In February 2011, the Group announced the signature of an agreement with IPIC to dispose of its 48.83% interest in CEPSA. The transaction is conditioned on obtaining all requisite approvals. |
• | In theUnited States, TOTAL operates the Port Arthur refinery in Texas, with a capacity of 174 kb/d. In 2008, TOTAL launched a modernization program that includes the construction of a desulphurization unit commissioned in July 2010, a vacuum distillation unit, a deep-conversion unit (or coker) and other associated units. This project is designed to process more heavy and high-sulphur crudes and to increase production of lighter products, in particular low-sulphur distillates. Construction is completed and commissioning was ongoing in March 2011. |
• | InSaudi Arabia, TOTAL and Saudi Arabian Oil Company (Saudi Aramco) created a joint venture in September 2008,Saudi Aramco Total Refining and Petrochemical Company (SATORP), to build a400 kb/d refinery in Jubail held by Saudi Aramco (62.5%) and TOTAL (37.5%). TOTAL and Saudi Aramco each plans to retain a 37.5% interest with the remaining 25% expected to be listed on the Saudi stock exchange, subject to approval by the relevant authorities. The main contracts for the construction of the refinery were signed in July 2009, concurrent with thestart-up of work. Commissioning is expected in 2013. |
The heavy conversion process of this refinery is designed for processing heavier crudes (Arabian Heavy) and producing fuels and lighter products that meet strict specifications and are mainly intended for export. | |
• | InAfrica, the Group holds minority interests in five refineries in South Africa, Senegal, Côte d’Ivoire, Cameroon and Gabon. |
As of December 31, (kb/d) | 2010 | 2009 | 2008 | |||||||||
Refineries operated by the Group | ||||||||||||
Normandy (France) | 199 | 338 | 339 | |||||||||
Provence (France) | 158 | 158 | 158 | |||||||||
Flanders (France) | — | 137 | 137 | |||||||||
Donges (France) | 230 | 230 | 230 | |||||||||
Feyzin (France) | 117 | 117 | 117 | |||||||||
Grandpuits (France) | 101 | 101 | 101 | |||||||||
Antwerp (Belgium) | 350 | 350 | 350 | |||||||||
Leuna (Germany) | 230 | 230 | 230 | |||||||||
Rome (Italy)(b) | — | 64 | 64 | |||||||||
Lindsey — Immingham (United Kingdom) | 221 | 221 | 221 | |||||||||
Vlissingen (Netherlands)(c) | 81 | 81 | 81 | |||||||||
Port Arthur, Texas (United States) | 174 | 174 | 174 | |||||||||
Sub-total | 1,861 | 2,201 | 2,202 | |||||||||
Other refineries in which the Group has an interest(d) | 502 | 393 | 402 | |||||||||
Total | 2,363 | 2,594 | 2,604 | |||||||||
(a) | For refineries not 100% owned by TOTAL, the indicated capacity represents TOTAL’s share of the site’s overall refining capacity. | |
(b) | TOTAL’s interest was 71.9% until September 30, 2010. | |
(c) | TOTAL’s interest is 55%. | |
(d) | TOTAL has interests ranging from 12% to 50% in fourteen refineries (five in Africa, four in Spain, two in Italy, one in Germany, one in Martinique and one in China). Since October 1, 2010, including the Group’s share in the Rome and Trecate refineries through its interest in TotalErg. TOTAL disposed of its 50% interest in the Indeni refinery in Zambia in 2009. |
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(kb/d) | 2010 | 2009 | 2008 | |||||||||
Gasoline | 345 | 407 | 443 | |||||||||
Avgas and jet fuel(b) | 168 | 186 | 208 | |||||||||
Diesel and heating oils | 775 | 851 | 987 | |||||||||
Heavy fuels | 233 | 245 | 257 | |||||||||
Other products | 359 | 399 | 417 | |||||||||
Total | 1,880 | 2,088 | 2,312 | |||||||||
(a) | Including equity share of refineries in which the Group holds interests. | |
(b) | Avgas, jet fuel and kerosene. |
2010 | 2009 | 2008 | ||||||||||
On crude and other feedstock(a)(b) | ||||||||||||
France | 64 | % | 77 | % | 89 | % | ||||||
Rest of Europe | 85 | % | 88 | % | 93 | % | ||||||
Americas | 83 | % | 77 | % | 88 | % | ||||||
Asia | 81 | % | 80 | % | 76 | % | ||||||
Africa | 76 | % | 77 | % | 79 | % | ||||||
Net share of CEPSA and TotalErg(c) | 94 | % | 93 | % | 106 | % | ||||||
Average | 77 | % | 83 | % | 91 | % | ||||||
(a) | Including equity share of refineries in which the Group holds interests. | |
(b) | Crude + crackers’ feedstock/capacity and distillation at the beginning of the year. | |
(c) | For TotalErg: calculation of the utilization rate based on production and prorated capacity. |
2010 | 2009 | 2008 | ||||||||||
On crude(a)(b) | ||||||||||||
Average | 73 | % | 78 | % | 88 | % | ||||||
(a) | Including equity share of refineries in which the Group holds interests. | |
(b) | Crude/capacity and distillation at the beginning of the year. |
• | InItaly, TotalErg was created in October 2010 and became the third largest marketer with a network market share of nearly 13%(5) and more than 3,200 service stations. |
• | InFrance, TOTAL started to implement the project to adapt oil logistics operations in January 2010. Closure of the Pontet and Saint Julien oil depots is ongoing. Hauconcourt’s operations were transferred to the Raffinerie du Midi company on October 1, 2010. Transfer of the Mans oil depot’s operations and divesting of the Ouistreham oil depot are scheduled in the first half of 2011. |
In January 2010, TOTAL also closed the disposal of half of its share (50%) in Société des Dépôts Pétroliers de Corse. |
• | In theUnited Kingdom, TOTAL announced in September 2010 its intention to offer for sale its marketing business, except for certain specialties (lubricants, etc.). |
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(kb/d) | 2010 | 2009 | 2008 | |||||||||
France | 725 | 808 | 822 | |||||||||
Europe, excluding France(a) | 1,204 | 1,245 | 1,301 | |||||||||
United States | 65 | 118 | 147 | |||||||||
Africa | 292 | 281 | 279 | |||||||||
Rest of world | 209 | 189 | 171 | |||||||||
Total excluding Trading | 2,495 | 2,641 | 2,720 | |||||||||
Trading | 1,281 | 975 | 938 | |||||||||
Total including trading | 3,776 | 3,616 | 3,658 | |||||||||
(a) | Including TOTAL’s share in CEPSA and, as from October 1, 2010, in TotalErg. |
As of December 31, | 2010 | 2009 | 2008 | |||||||||
France | 4,272 | (b) | 4,606 | (b) | 4,782 | |||||||
CEPSA and TotalErg(c) | 4,958 | 1,734 | 1,811 | |||||||||
Europe, excl. France, CEPSA and TotalErg | 2,832 | 4,485 | 4,541 | |||||||||
Africa | 3,570 | 3,647 | 3,500 | |||||||||
Rest of world | 1,858 | 1,827 | 1,791 | |||||||||
Total | 17,490 | 16,299 | 16,425 | |||||||||
(a) | Excluding AS24-branded service stations. | |
(b) | Of which nearly 2,100 TOTAL-branded service stations, nearly 280 Elf-branded service stations and more than 1,900 Elan-branded service stations. | |
(c) | 1,737 CEPSA-branded service stations and, as from October 1, 2010, 3,221 TotalErg-branded service stations. |
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• | sells and markets the Group’s crude oil production; |
• | provides a supply of crude oil for the Group’s refineries; |
• | imports and exports the appropriate petroleum products for the Group’s refineries to be able to adjust their production to the needs of local markets; |
• | charters appropriate ships for these activities; and |
• | undertakes trading on various derivatives markets. |
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For the year ended December 31, (kb/d) | 2010 | 2009 | 2008 | |||||||||
Worldwide liquids production | 1,340 | 1,381 | 1,456 | |||||||||
Purchased by the Trading division from the Group’s Exploration & Production division | 1,044 | 1,054 | 1,102 | |||||||||
Purchased by the Trading division from external suppliers | 2,084 | 2,351 | 2,495 | |||||||||
Total of Trading division’s supply(a) | 3,128 | 3,405 | 3,597 | |||||||||
Sales of Trading division to Group Refining & Marketing division | 1,575 | 1,752 | 1,994 | |||||||||
Sales of Trading division to external customers | 1,553 | 1,653 | 1,603 | |||||||||
Total of Trading division’s sales(a) | 3,128 | 3,405 | 3,597 | |||||||||
(a) | Including condensates and natural gas liquids. |
2010 | 2009 | 2008 | min 2010 | max 2010 | ||||||||||||||||||||||||||
Brent ICE — 1st Line(a) | ($ | /b | ) | 80.34 | 62.73 | 98.52 | 69.55 | (May 18 | ) | 94.75 | (Dec. 24 | ) | ||||||||||||||||||
Brent ICE — 12th Line(b) | ($ | /b | ) | 84.61 | 70.43 | 102.19 | 75.29 | (Jan. 29 | ) | 95.15 | (Dec. 24 | ) | ||||||||||||||||||
Contango time structure (12th-1st) | ($ | /b | ) | 4.27 | 7.70 | 3.59 | (0.55 | ) | (Nov. 29 | ) | 6.98 | (May 31 | ) | |||||||||||||||||
Gasoil ICE — 1st Line(c) | ($ | /t | ) | 673.88 | 522.20 | 920.65 | 567.25 | (Feb. 01 | ) | 784.50 | (Dec. 16 | ) | ||||||||||||||||||
VLCC Ras Tanura Chiba — BITR(c) | ($ | /t | ) | 13.41 | 10.43 | 24.09 | 8.24 | (Oct. 01 | ) | 23.66 | (Jan. 12 | ) |
(a) | 1stline: Quotation for first month nearby delivery ICE Futures. | |
(b) | 12thLine: Quotation for ICE Futures for delivery during the month M+12. | |
(c) | VLCC: Very Large Crude Carrier. BITR: Baltic International Tanker Routes. |
• | increased crude oil imports to consumer countries, driven by the economic recovery and increased |
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onshore and offshore crude oil storage in the United States, Europe and China; and |
• | the resumption of crude oil floating storage that involved up to forty-five vessels in early May 2010 and resulted in limited growth of the active fleet of tankers despite the disposal of fewer vessels than expected. |
• | Base Chemicals encompasses the Group’s petrochemicals and fertilizers businesses; and |
• | Specialty Chemicals encompasses the Group’s rubber processing, resins, adhesives and electroplating businesses. |
2010 | 2009 | 2008 | ||||||||||||||||||||||
Asia and | ||||||||||||||||||||||||
North | Middle | |||||||||||||||||||||||
(in millions of tons) | Europe | America | East(a) | Worldwide | Worldwide | Worldwide | ||||||||||||||||||
Olefins(b) | 4,695 | 1,195 | 1,300 | 7,190 | 6,895 | 7,285 | ||||||||||||||||||
Aromatics | 2,500 | 940 | 755 | 4,195 | 4,195 | 4,360 | ||||||||||||||||||
Polyethylene | 1,180 | 460 | 500 | 2,140 | 2,040 | 2,035 | ||||||||||||||||||
Polypropylene | 1,335 | 1,150 | 295 | 2,780 | 2,780 | 2,750 | ||||||||||||||||||
Styrenics(c) | 1,050 | 1,260 | 640 | 2,950 | 3,090 | 3,220 | ||||||||||||||||||
(a) | Including minority interests in Qatar and 50% of Samsung-Total Petrochemicals capacities. | |
(b) | Ethylene, propylene and butadiene. | |
(c) | Styrene and polystyrene. |
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• | In mature markets, TOTAL is improving the competitiveness of its long-established sites notably through cost management, better energy efficiency at its facilities and more flexibility in the choice of feedstock. |
– | The first plan launched in 2006 called for the closure of a steam cracker and the styrene plant at Carling and the construction of a new world-class(1) styrene plant at Gonfreville to replace the plant closed in late 2008. The reorganization plan was completed in the first quarter of 2009. |
– | The second plan launched in 2009 is focused on a consolidation project to improve sites competitiveness. This project includes a plan to upgrade the Group’s most efficient units by investing approximately €230 million over three years to increase energy efficiency and competitiveness of the steam cracker and the high-density polyethylene unit in Gonfreville, and to consolidate polystyrene production at the Carling facility. It also includes the shutdown of two structurally loss-making units: two low-density polyethylene lines, one in Carling and one in Gonfreville, and a polystyrene line in Gonfreville. The three lines were shut down at year-end 2009. This reorganization plan is also intended for the support services at both sites and the central services at Total Petrochemicals France. |
• | TOTAL is continuing to expand in growth areas. |
• | TOTAL is developing sites in countries with favorable access to raw materials. |
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• | The complex fertilizers business was shut down in France, resulting in the closure of three sites (Bordeaux, Basse Indre and Granville). In addition, TOTAL sold its Dutch affiliate, Zuid Chemie, to Engrais Rosier (TOTAL, 57%). |
• | The core activity of the Fertilizers business, which is the production of nitrogen fertilizers, was strengthened through a major investment in the construction of a competitive nitric acid plant in Rouen, which started up in the second half of 2009, and a urea plant in Grandpuits, the start-up of which was ongoing in March 2011. This additional urea production enables GPN to position in the growing markets of products that contribute to reducing nitrogen oxide emissions(1): DENOX® for industrial applications, and Adblue® for transportation applications. |
• | In France, the Oissel site and three obsolete nitric acid units in Rouen and Mazingarbe were closed in 2009 and 2010. |
• | In early 2010, the Group launched a process to divest GPN’s mines and quarries business in Mazingarbe, northern France. This project was submitted for prior consultation with employee representative organizations and to the approval by the relevant authorities. This transaction was closed in January 2011. |
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• | The Integrated Pollution Prevention and Control Directive (“IPPC”) provides for a cost/benefit framework used to comprehensively assess the environmental quality standards of, and prior environmental impacts and potential additional emissions limits on, large industrial plants, including refineries and chemical sites. The Industrial Emission Directive (IED), adopted in 2010, is expected to replace in 2013 a number of existing industrial emission directives, including the IPPC and the Large Combustion Plant Directive. It will progressively result in stricter emission limits on some of TOTAL’s facilities by making compulsory certain rules described in BREFs (Best available techniques REFerence documents), some of which are dedicated to specific industrial sectors. Certain BREFs are already published and will be revised (e.g., refining), and others will have to be developed. |
• | The Air Quality Framework Directive and related directives on ambient air quality assessment and management, among other things, limit emissions for sulphur dioxide, oxides of nitrogen, particulate matter, lead, carbon monoxide, benzene and ozone. |
• | The Sulphur Content Directive limits sulphur in diesel fuel to 0.1% (since January 2008) and limits sulphur in heavy fuel oil to 1% (since January 2003), with certain exceptions for combustion plants provided that local air quality standards are met. |
• | The Large Combustion Plant Directive, effective since 2008, limits certain emissions, including sulphur dioxide, nitrogen oxides and particulates, from large combustion plants. It will be partly replaced in 2013 by the IED (see above). |
• | Existing Directives controlling and limiting exhaust emissions from cars and other motor vehicles are expected to continue to become more stringent over time. Since 2009, a maximum sulphur content of 10 ppm is mandatory throughout the European Union. |
• | The 1996 Major Hazards Directive (Seveso II) requires emergency planning, public disclosure of emergency plans, assessment of hazards and effective emergency management systems. A revision process has just begun. |
• | The Framework Directive on Waste Disposal is intended to ensure that waste is recovered or disposed of without endangering human health and without using processes or methods that could unduly harm the environment. Numerous related directives regulate specific categories of waste. In November 2008, the Framework Directive on Waste Disposal was partially modified by the Directive on Waste 2008/98, which features more precise definitions and stronger provisions. Transposition of this Directive in France occurred in December 2010. |
• | A number of Maritime Safety Directives were passed in the wake of the Erika and Prestige spills. Those regulations, found in the three Maritime Safety Packages, require that tankers have double hulls and that ship owners acquire improved insurance coverage, mandate improvements to traffic monitoring, accident investigations and in-port vessel inspection (Port State Control), and further regulate organizations that inspect and confirm conformity to applicable regulations (Classification Societies). The last package will enter into force in 2012. |
• | Numerous Directives impose water quality standards based on the various uses of inland and coastal waters, including ground water, by setting limits on the discharges of many dangerous substances and by imposing information gathering and reporting requirements. |
• | Numerous Directives regulate the classification, labelling and packaging of chemical substances and their preparation, as well as restrict and ban the use of certain chemical substances and products. |
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• | In March 2004, the European Union adopted a Directive on Environmental Liability. This Directive was transposed into EU Member State national legislations in 2007 and 2008, and in France in August 2008. The Directive seeks to implement a strict liability approach for damage to water resources, soils and protected species and habitats by authorized industrial activities. |
• | Directives implementing the Aarhus Convention concerning public information rights and certain public participation rights in a variety of activities affecting the environment were adopted in January and May 2003, respectively, and implemented in most national EU legislations. |
• | In November 2008, the European Union adopted a Directive on the protection of the environment through criminal law that obliges EU Member States to provide for criminal penalties in respect of serious infringements of EC law. EU Member States were to have transposed this Directive into their national legislation by December 26, 2010. |
• | TOTAL’s facilities in the EU are also subject to extensive workplace safety regulations initiated by the European Community and defined and promulgated by each Member State. |
• | With respect to the climate change issue, numerous initiatives in the European Union are pending or currently being revised, including: |
– | A 2003 Directive implementing the Kyoto Protocol within the European Union established an emissions trading scheme effective as of January 2005 for greenhouse gas (“GHG”) emissions quotas. On the basis of this directive, carbon dioxide emissions permits are then delivered. This trading scheme required Member States to prepare, under the supervision of the EU Commission, national allocation plans identifying a global amount of quotas to be shared and delivered for free by the governments to each industrial installation of specific sectors, in particular the energy intensive installations that have to surrender quotas in respect to their annually verified carbon dioxide emissions. In accordance with the 2009 revision of the aforementioned directive, a progressive quota auctioning mechanism is scheduled to be set up in 2013 together with transitional Community-wide rules for harmonized free allocation up to a level based on benchmarks for sectors exposed to international carbon leakage. When this system will be established, TOTAL’s industrial facilities may incur capital and operating costs to comply with such legislation including the partial acquisition of emissions allowances. | |
– | At the UN summit in Copenhagen in December 2009, world leaders recognized the need to limit global temperature increases to two degrees Celsius above pre-industrial levels, but did not approve an international agreement on climate change, which could result in a future stringent reduction of GHG emissions in the European Union. | |
– | The first period of the Kyoto Protocol is reaching an end in 2012. Although debates occurred at the 2009 UN Summit in Copenhagen, no decision as to thefollow-up was made. The Cancun UN conference at the end of 2010 reaffirmed the principles of Kyoto, but did not result in the adoption of any new legally binding agreement with respect to the continuation of the Kyoto Protocol. The next conference is expected to be held in Durban in late 2011. |
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– | The Climate Action and Renewable Energy Package commits EU Member States to reduce overall emissions to at least 20% below 1990 levels by 2020, requires Member States to improve energy efficiency and increase renewable energy usage. These latter issues are expected to be further addressed in 2011 in a way likely to affect TOTAL’s operations in the future. | |
– | The 2009 Directive on Carbon Capture and Storage (CCS) was transposed in France in 2010. This legal framework forms the basis for developing CCS projects that are expected to serve as one of the most valuable solutions for the reduction of carbon dioxide emissions. Such regulations will have technical and financial impacts, including on TOTAL’s projects. | |
– | In France, the provisions of the 2010 financial bill establishing a carbon tax was deemed unconstitutional and referred back to the French government, which did not make a new proposal. The provisions of the 2011 financial bill made subject to payment a minor part of GHG emission allowance delivery for 2011 and 2012, which was initially allocated for free in the national plan of2008-2012. |
• | The Clean Air Act and its regulations, which require, among other measures: stricter phased-in fuel specifications and sulphur reductions; enhanced emissions controls and monitoring at major sources of volatile organic compounds, nitrogen oxides, and other designated hazardous and non-hazardous air pollutants; GHG regulation; stringent pollutant emission limits; construction and operating permits for major air emission sources at chemical plants, refineries, marine and distribution terminals and other facilities; and risk management plans for the handling and storage of hazardous substances. |
• | The Clean Water Act, which regulates the discharge of wastewater and other pollutants from both onshore and offshore operations and, among other measures, requires industrial facilities to obtain permits for most wastewater and surface water discharges, install control equipment and treatment systems, implement operational controls, and preventative measures, including spill prevention and control plans and practices to control storm water runoff. |
• | The Resource Conservation and Recovery Act (RCRA), which regulates the generation, storage, handling, treatment, transportation and disposal of hazardous waste and imposes corrective action requirements on regulated facilities requiring investigation and remediation of potentially contaminated areas at these facilities. |
• | The Comprehensive Environmental Response, Compensation, and Liability Act (also known as CERCLA or Superfund), under which waste generators, former and current site owners and operators, and certain other parties can be held jointly and severally liable for the entire cost of remediating active, abandoned or non-operating sites contaminated by releases of hazardous substances regardless of fault or the amount or share of hazardous substances sent by a party to a site. The U.S. Environmental Protection Agency (“EPA”) has authority under Superfund to order responsible parties to clean up contaminated sites and may seek recovery of the government’s response costs from responsible parties. States have similar legal authority to compel site investigations and cleanups and to recover costs from responsible parties. The U.S. government and states may also sue responsible parties for injuries to natural resources (e.g., rivers and wetlands) arising from contamination. |
• | National and international maritime oil spill laws, regulations and conventions, including the Oil Pollution Act of 1990, which imposes significant oil spill prevention requirements, spill response planning obligations, ship design requirements (including phased in double hull requirements for tankers), operational restrictions, spill liability for tankers and barges transporting oil, offshore oil platform facilities and onshore terminals and sets up an oil liability spill fund paid for by taxes on imported and domestic oil. |
• | Although no substantive legislation has yet been passed following the April 2010 Deep Water Horizon accident in the Gulf of Mexico, many legislative proposals have been proposed and more will likely follow. New regulations have been issued regarding technical and safety issues. Amendments related to |
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liability under OPA 90 and the Clean Water Act also may be forthcoming. |
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• | Task Force No. 2, coordinated with the Global Industry Response Group (GIRG) created by the OGP (International Association of Oil and Gas Producers) is responsible for studyingdeep-offshore oil capture and containment operations in case a pollution event occurs in deep waters. The Group is also a member of the Coordination Group and other GIRG working |
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groups that pay special attention to prevention and procedures for and time of response. |
• | Task Force No. 3 relates to plans to fight accidental spills in order to strengthen the Group’s ability to respond to a major accidental pollution, such as a blow out or a total loss of containment from an FPSO (Floating Production, Storage and Offloading facility). Although the current response to accidental oil spills implemented in the industry proves to be efficient globally, TOTAL pays special attention to technical changes including those related tosub-sea dispersants that were recently used in the Gulf of Mexico. The Group is jointly reviewing these issues with the OGP and the IPIECA (Global oil and gas association for environmental and social issues). |
• | listing all pertinent data and characteristics that may be useful in appraising the context (local, geographical, environmental, geological, etc., as the case may be); |
• | conducting risk analysis to identify the parameters, methods and tools necessary for evaluating the situation and its probable development, together with a definition of the appropriate measures or solutions; |
• | detailing the actions to be taken in response to the relevant situation(s), emphasizing the initial emergency actions; |
• | stipulating the interfaces and liaisons required for the specific situation(s) under consideration; and |
• | identifying the emergency/backup means and resources potentially necessary, and how they are to be mobilized. |
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• | the award of exploration and production interests; |
• | authorizations by governments or by a state-controlled partner, especially for development projects, annual programs or the selection of contractors or suppliers; |
• | the imposition of specific drilling obligations; |
• | environmental protection controls; |
• | control over the development and abandonment of a field causing restrictions on production; |
• | calculating the costs that may be recovered from the relevant authority and what expenditures are deductible from taxes; |
• | cases of expropriation or reconsideration of contractual rights; and |
• | cases of nationalization. |
• | the establishment of production and export quotas; |
• | the compulsory renegotiation of contracts; |
• | the expropriation or nationalization of assets; |
• | risks relating to changes of local governments or resulting changes in business customs and practices; |
• | payment delays; |
• | currency exchange restrictions; |
• | depreciation of assets due to the devaluation of local currencies or other measures taken by governments that might have a significant impact on the value of activities; and |
• | losses and decreased activity due to armed conflicts, civil unrest or the actions of terrorist groups. |
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• | define scenarios of major disaster risks (estimated maximum loss); |
• | assess the potential financial impact on the Group in case these catastrophic events should occur; |
• | help in implementing measures to limit the probability that a catastrophic event occurs and the extent of such events; and |
• | manage the level of risk from such events to be either covered internally by the Group or to be transferred to the insurance market. |
• | Third-party liability insurance: since the maximum financial risk cannot be evaluated by a systematic approach, the amounts insured are based on market conditions and industry practice, in particular, the oil industry. In 2010, the Group’s third-party liability insurance for any liability (including potential accidental environmental liabilities) was capped at $850 million. |
• | Property damage and business interruption: the amounts insured vary by sector and by site and are based on the estimated cost of and reconstruction under maximum loss scenarios and on insurance market conditions. The Group subscribed for business interruption coverage in 2010 for its main refining and petrochemical sites. |
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• | give a true and fair view of the Group’s financial position, financial performance and cash flows; |
• | reflect the substance of transactions; |
• | are neutral; |
• | are prepared on a prudent basis; and |
• | are complete in all material aspects. |
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• | the well has found a sufficient quantity of reserves to justify, if appropriate, its completion as a producing well, assuming that the required capital expenditure is made; and |
• | satisfactory progress toward ultimate development of the reserves is being achieved, with the Company making sufficient progress assessing the reserves and the economic and operating viability of the project. |
• | First, if additional exploratory drilling or other exploratory activities (such as seismic work or other significant studies) are either underway or firmly planned, the Company deems there is satisfactory progress. For these purposes, exploratory activities are considered firmly planned only if they are included in the Company’s three-year exploration plan/budget. |
• | In cases where exploratory activity has been completed, the evaluation of satisfactory progress takes into account indicators such as the fact that costs for development studies are incurred in the current period, or that governmental or other third-party authorizations are pending or that the availability of capacity on an existing transport or processing facility awaits confirmation. |
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As of and for the year ended December 31, (M€, except per share data) | 2010 | 2009 | 2008 | |||||||||
Non-Group sales | 159,269 | 131,327 | 179,976 | |||||||||
Net income (Group share) | 10,571 | 8,447 | 10,590 | |||||||||
Diluted earnings per share | 4.71 | 3.78 | 4.71 |
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(M€) | 2010 | 2009 | 2008 | |||||||||
Non-Group sales | 18,527 | 16,072 | 24,256 | |||||||||
Operating income(a) | 17,450 | 12,858 | 23,468 | |||||||||
Equity in income (loss) of affiliates and other items | 1,533 | 846 | 1,541 | |||||||||
Tax on net operating income | (10,131 | ) | (7,486 | ) | (14,563 | ) | ||||||
Net operating income(a) | 8,852 | 6,218 | 10,446 | |||||||||
Adjustments affecting net operating income | (255 | ) | 164 | 278 | ||||||||
Adjusted net operating income(b) | 8,597 | 6,382 | 10,724 | |||||||||
Investments | 13,208 | 9,855 | 10,017 | |||||||||
Divestments | 2,067 | 398 | 1,130 | |||||||||
ROACE | 21% | 18% | 36% |
(a) | For the definition of operating income and net operating income, see Note 2 to the Consolidated Financial Statements. | |
(b) | Adjusted for special items. See Notes 2 and 4 to the Consolidated Financial Statements. |
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(M€) | 2010 | 2009 | 2008 | |||||||||
Non-Group sales | 123,245 | 100,518 | 135,524 | |||||||||
Operating income(a) | 982 | 2,237 | 826 | |||||||||
Equity in income (loss) of affiliates and other items | 141 | 169 | (158 | ) | ||||||||
Tax on net operating income | (201 | ) | (633 | ) | (143 | ) | ||||||
Net operating income(a) | 922 | 1,773 | 525 | |||||||||
Adjustments affecting net operating income | 246 | (820 | ) | 2,044 | ||||||||
Adjusted net operating income(b) | 1,168 | 953 | 2,569 | |||||||||
Investments | 2,343 | 2,771 | 2,418 | |||||||||
Divestments | 499 | 133 | 216 | |||||||||
ROACE | 8% | 7% | 20% |
(a) | For the definition of operating income and net operating income, see Note 2 to the Consolidated Financial Statements. | |
(b) | Adjusted for special items and the inventory valuation effect. See Notes 2 and 4 to the Consolidated Financial Statements. |
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(M€) | 2010 | 2009 | 2008 | |||||||||
Non-Group sales | 17,490 | 14,726 | 20,150 | |||||||||
Operating income(a) | 964 | 553 | (58 | ) | ||||||||
Equity in income (loss) of affiliates and other items | 215 | (58 | ) | (34 | ) | |||||||
Tax on net operating income | (267 | ) | (92 | ) | 76 | |||||||
Net operating income(a) | 912 | 403 | (16 | ) | ||||||||
Adjustments affecting net operating income | (55 | ) | (131 | ) | 684 | |||||||
Adjusted net operating income(b) | 857 | 272 | 668 | |||||||||
Investments | 641 | 631 | 1,074 | |||||||||
Divestments | 347 | 47 | 53 | |||||||||
ROACE | 12% | 4% | 9% |
(a) | For the definition of operating income and net operating income, see Note 2 to the Consolidated Financial Statements. | |
(b) | Adjusted for special items and the inventory valuation effect. See Notes 2 and 4 to the Consolidated Financial Statements. |
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(M€) | 2010 | 2009 | 2008 | |||||||||
Cash flow from operating activities | 18,493 | 12,360 | 18,669 | |||||||||
Including (increase) decrease in working capital | (496 | ) | (3,316 | ) | 2,571 | |||||||
Cash flow used in investing activities | (11,957 | ) | (10,268 | ) | (11,055 | ) | ||||||
Total expenditures | (16,273 | ) | (13,349 | ) | (13,640 | ) | ||||||
Total divestments | 4,316 | 3,081 | 2,585 | |||||||||
Cash flow used in financing activities | (3,348 | ) | (2,868 | ) | (793 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 3,188 | (776 | ) | 6,821 | ||||||||
Effect of exchange rates | (361 | ) | 117 | (488 | ) | |||||||
Cash and cash equivalents at the beginning of the period | 11,662 | 12,321 | 5,988 | |||||||||
Cash and cash equivalents at the end of the period | 14,489 | 11,662 | 12,321 |
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Less | More | |||||||||||||||||||
than | 1-3 | 3-5 | than | |||||||||||||||||
Payment due by period (M€) | 1 year | years | years | 5 years | Total | |||||||||||||||
Non-current debt obligations(a) | — | 6,831 | 5,561 | 6,346 | 18,738 | |||||||||||||||
Current portion of non-current debt obligations(b) | 3,483 | — | — | — | 3,483 | |||||||||||||||
Finance lease obligations(c) | 23 | 68 | 61 | 46 | 198 | |||||||||||||||
Asset retirement obligations(d) | 177 | 486 | 386 | 4,868 | 5,917 | |||||||||||||||
Operating lease obligations(c) | 582 | 757 | 504 | 1,105 | 2,948 | |||||||||||||||
Purchase obligations(e) | 6,347 | 7,511 | 6,916 | 40,519 | 61,293 | |||||||||||||||
Total | 10,612 | 15,653 | 13,428 | 52,884 | 92,577 | |||||||||||||||
(a) | Non-current debt obligations are included in the items “Non-current financial debt” and “Hedging instruments of non-current financial debt” of the Consolidated Balance Sheet. The figure in this table is net of the non-current portion of issue swaps and swaps hedging bonds, and excludes non-current finance lease obligations of €175 million. | |
(b) | The current portion of non-current debt is included in the items “Current borrowings”, “Current financial assets” and “Other current financial liabilities” of the balance sheet. The figure in this table is net of the current portion of issue swaps and swaps hedging bonds and excludes the current portion of finance lease obligations of €23 million. | |
(c) | Finance lease obligations and operating lease obligations: the Group leases real estate, retail stations, ships, and other equipment through non-cancelable capital and operating leases. These amounts represent the future minimum lease payments on non-cancelable leases to which the Group is committed as of December 31, 2010, less the financial expense due on finance lease obligations for €43 million. | |
(d) | The discounted present value of Upstream asset retirement obligations, primarily asset removal costs at the completion date. | |
(e) | Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on TOTAL and specify all significant terms, including the amount and the timing of the payments. These obligations mainly include: hydrocarbon unconditional purchase contracts (except where an active, highly liquid market exists and when the hydrocarbons are expected to be re-sold shortly after purchase), reservation of transport capacities in pipelines, unconditional exploration works and development works in Upstream, and contracts for capital investment projects in Downstream. This disclosure does not include contractual exploration obligations with host states where a monetary value is not attributed and purchases of booking capacities in pipelines where the Group has a participation superior to the capacity used. |
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• | developing knowledge, tools and technological mastery to discover and operate complex oil and gas resources to help meet the global demand for energy; |
• | developing and industrializing solar, biomass and carbon capture and storage technologies to contribute to changes in the global energy mix; |
• | developing practical, innovative and competitive materials that meet the market’s specific needs, contribute to the emergence of new features and systems, enable current materials to be replaced by materials showing higher performance for users, and address the challenges of improved energy efficiency, lower environmental impact and toxicity and achieve better management of their life cycle; |
• | developing, industrializing and improving conversion processes of oil, coal and biomass to adapt to changes in resources and markets, improve reliability and safety, achieve better energy efficiency, reduce the environmental footprint, and maintain the Group’s economic margins in the long-term; |
• | understanding and measuring the impacts of the Group’s operations and products on ecosystems (water, soil, air, biodiversity) to improve environmental safety, as part of the regulation in place, and reduce their environmental footprint to achieve sustainability in the Group’s operations; and |
• | mastering and using innovative technologies such as biotechnologies, nanotechnologies, high-performance computing, information and communications technologies and new analytic techniques. |
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• | Member of the Supervisory Board ofVivendi* |
• | Director of Sanofi-Aventis* |
• | Director ofAir Liquide* |
• | Director ofRenault SA* |
• | Director ofRenault SAS |
• | Director ofBombardier Inc. (Canada)* |
• | Director ofIPSOS |
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• | Vice Chairman of PPR* Board |
• | Chief Executive Officer and Director of Artémis |
• | Non executive Director of Tawa Plc* |
• | Director ofAir France-KLM* |
• | Director ofBouygues* |
• | Director ofTF1* |
• | Director ofVeolia Environnement* |
• | Chairman of the Board of Stora Enso Oy. |
• | Chairman of the Board ofMölnlycke Health Care Group |
• | Chairman of the Board ofInvestor AB |
• | Member of the Supervisory Board ofSpencer Stuart Scandinavia |
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• | Director of Lafarge* |
• | Director ofDuPont* (United States) |
• | Director ofAtco* (Canada) |
• | Chairman of the Board, Co-Chief Executive Officer and Member of the Executive Committee of Power Corporation of Canada * |
• | Co-Chairman of the Board and member of the executive committee of Power Financial Corporation * (Canada) |
• | Vice Chairman and Acting Managing Director of Pargesa Holding S.A.* (Switzerland) |
• | Member of the Board of Directors and Executive Committee of Great-West Lifeco Inc.* (Canada) |
• | Member of the Board of Directors and Executive Committee of Groupe Bruxelles Lambert S.A.* (Belgium) |
• | Director ofGDF Suez* (France) |
• | Director ofLafarge* |
• | Director and member of the Executive Committee of IGM Financial Inc.* (Canada) |
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• | Chairman and Chief Executive Officer of Associés en Finance |
• | Member of the Supervisory Board ofKlépierre* |
• | Member of the Supervisory Board ofPresses Universitaires de France (PUF) |
• | Chairperson of the Management Board of Areva* |
• | Chairperson and CEO of Areva NC |
• | Director ofGDF Suez* |
• | Director ofVodafone Group Plc* |
• | Chairman of Lloyd’s |
• | Chairman ofGeneral Dynamics UK Ltd |
• | Director ofHaymarket Group Ltd |
• | Director ofChina Construction Bank* |
• | Director ofNBNK Investments Plc* |
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• | Director of Institut Veolia Environnement |
• | Chairman of the Board of Directors of BNP Paribas* |
• | Director ofLafarge |
• | Director ofSaint-Gobain* |
• | Member of the Supervisory Board ofAXA* |
• | Director ofEADS N.V.* |
• | Director of Pargesa Holding S.A.* (Switzerland) |
• | Member of the Supervisory Board of Banque marocaine pour le Commerce et l’Industrie* |
• | Acting Managing Director of Groupe Bruxelles Lambert* |
• | Director of Compagnie Nationale à Portefeuille* |
• | Director ofGDF Suez* |
• | Director ofLafarge* |
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• | Director of Weather Investment SPA |
• | not to be an employee or a director of the Company, or a Group company, and not having been in such a position for the previous five years; |
• | not to be an executive director of a company in which the Company holds a directorship or in which an employee appointed as such or an executive director of the company is a director; |
• | not to be a customer, supplier, investment banker or commercial banker for a significant part of whose business the company or its Group accounts; |
• | not to be related by close family ties to an executive director; |
• | not to have been an auditor of the Company within the previous five years; |
• | not to have been a director of the Company for more than twelve years (upon expiry term of office during which the12-year limit is reached). |
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• | Christophe de Margerie, Chairman of the Executive Committee (Chairman and Chief Executive Officer); |
• | François Cornélis, Vice Chairman of the Executive Committee (President of the Chemicals segment); |
• | Michel Bénézit (President of the Refining & Marketing division); |
• | Yves-Louis Darricarrère (President of the Exploration & Production division); |
• | Jean-Jacques Guilbaud (Chief Administrative Officer); and |
• | Patrick de La Chevardière (Chief Financial Officer). |
• | René Chappaz, Vice President, Executive Career Management |
• | Yves-Marie Dalibard, Vice President, Corporate Communications |
• | Peter Herbel, General Counsel |
• | Jean-Marc Jaubert, Senior Vice President, Industrial Safety |
• | Manoelle Lepoutre, Executive Vice President, Sustainable Development and the Environment |
• | Jean-François Minster, Senior Vice President, Scientific Development |
• | Jean-Jacques Mosconi, Vice President, Strategic Planning |
• | François Viaud, Senior Vice President, Human Resources |
• | Marc Blaizot, Senior Vice President, Geosciences, Exploration & Production |
• | Philippe Boisseau, President, Gas & Power |
• | Jacques Marraud des Grottes, Senior Vice President, Africa, Exploration & Production |
• | Patrick Pouyanné, Senior Vice President, Strategy, Business Development and R&D, Exploration & Production |
• | Pierre Barbé, Senior Vice President, Trading & Shipping |
• | Alain Champeaux, Senior Vice President, Overseas |
• | Bertrand Deroubaix, General Secretary, Refining & Marketing |
• | Eric de Menten, Senior Vice President, Marketing Europe, Refining & Marketing |
• | André Tricoire, Senior Vice President, Refining, Refining & Marketing |
• | Françoise Leroy, General Secretary, Chemicals |
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• | a fixed amount of €20,000 was paid to each director (paidprorata temporisin case of a change during the period), apart from the Chairman of the Audit Committee who was paid €30,000 and the other Audit Committee members who were paid €25,000; |
• | an amount of €5,000 per director for each Board of Directors’ meeting effectively attended; |
• | an amount of €3,500 per director for each Compensation Committee or Nominating & Governance Committee’s meetings effectively attended; |
• | an amount of €7,000 per director for each Audit Committee’s meeting effectively attended; |
• | a premium of €2,000 in case the attendance to a Board of Directors or Committee meeting involves a trip from a country other than France; |
• | the Chairman and Chief Executive Officer does not receive directors’ fees as director of TOTAL S.A. or any other company of the Group; and |
• | until his duties of Chairman of the Board of TOTAL S.A. expired, Mr. Desmarest did not receive any directors’ fees as director of TOTAL S.A. |
• | Compensation and benefits for the Chairman and the Chief Executive Officer are set by the Board of Directors after considering proposals from the Compensation Committee. Such compensation shall be reasonable and fair, in a context that values both teamwork and motivation within the Company. |
• | Compensation for the Chairman and the Chief Executive Officer includes both a fixed portion and a variable portion, each of which is reviewed annually. |
• | The amount of variable compensation may not exceed a stated percentage of fixed compensation. Variable compensation is determined based on pre-defined quantitative and qualitative criteria. Quantitative criteria are limited in number, objective, measurable and adapted to the Group’s strategy. |
• | The Group does not have a specific pension plan for the Chairman and the Chief Executive Officer. They are eligible for retirement benefits and pensions available to other employees of the Group under conditions determined by the Board. |
• | Stock options are designed to align the long-term interests of the Chairman and the Chief Executive Officer with those of the shareholders. |
• | Awards of stock options are considered in light of the amount of the total compensation paid to the Chairman and the Chief Executive Officer. The exercise of stock options to which the Chairman and the Chief Executive Officer are entitled is subject to a performance condition. |
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• | After three years in office, the Chairman and Chief Executive Officer are required to hold at least the number of Company shares set by the Board. |
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• | return on equity; |
• | the Company’s earnings performance compared with that of the four other major international oil companies that are its competitors(1), assessed by reference to the average growth over three years of two indicators, earnings per share and consolidated net income. |
1) | Pursuant to applicable law, the Chairman and the Chief Executive Officer are eligible for the basic French social security pension and for pension benefits under the ARRCO and AGIRC government-sponsored supplementary pension schemes. They also participate in the internal defined contribution pension plan and the defined benefit supplementary pension plan called RECOSUP created by the Company. This supplementary pension plan, which is not limited to the Chairman and Chief Executive Officer, is described in item 2) below. |
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2) | The Chairman and the Chief Executive Officer also participate in a defined benefit supplementary pension plan financed and managed by TOTAL S.A. and open to all employees of the Group whose annual compensation is greater than eight times the ceiling for calculating French social security contributions (€35,352 in 2011). Compensation above this amount does not qualify as pensionable compensation under either government-sponsored or industry-wide pension schemes. |
3) | The Chairman and the Chief Executive Officer are also entitled to a lump-sum retirement benefit equal to that available to eligible members of the Group under the French National Collective Bargaining Agreement for the Petroleum Industry. This benefit amounts to 25% of the gross annual compensation (fixed and variable portions) received in the12-month period preceding retirement. Pursuant to the provisions of the French law of August 21, 2007, which modifies Article L.225-42-1 of the French Commercial Code, such benefit is subject to the performance conditions detailed in item 7) below. |
4) | The Company also funds a life insurance policy for the Chairman and the Chief Executive Officer that guarantees a payment, upon death, equal to two years’ gross compensation (fixed and variable portions), increased to three years upon accidental death, as well as, in case of disability, a payment proportional to the degree of disability. |
5) | If the Chairman and Chief Executive Officer is removed from office or his term of office is not renewed by the Company, he is entitled to compensation for loss of office equal to two years’ gross annual compensation. The calculation will be based on the gross compensation (including both fixed and variable portions) paid in the12-month period preceding the termination or non-renewal of his term of office. |
6) | Commitments with regard to the pension and life insurance plans for the Chairman and Chief Executive Officer and the retirement benefit and compensation for loss of office arrangements were approved on May 21, 2010 by the Board of Directors and by the Shareholders’ Meeting. |
7) | In addition, in compliance with Article L.225-42-1 of the French Commercial Code, the commitments described in items 3) and 5) are subject to |
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performance conditions that are deemed to be met if at least two of the following three criteria are satisfied: |
• | The average ROE (Return on Equity) over the three years immediately preceding the year in which the officer retires is at least 12%; | |
• | The average ROACE (Return on Average Capital Employed) over the three years immediately preceding the year in which the officer retires is at least 10%; | |
• | TOTAL’s oil and gas production growth over the three years immediately preceding the year in which the officer retires is greater than or equal to the average production growth rate of the four other major international oil companies that are its competitors: ExxonMobil, Shell, BP and Chevron. |
8) | In addition, regarding the implementation of the pension commitments described in items 1) and 2) above made by the Company for directors for fiscal year 2010: |
• | Mr. Desmarest received, due to his previous employment by the Group, a supplementary pension amounting to €320,341 for 2010 (retired since May 22, 2010). The value of the annual supplementary pension, for a complete year, would amount to nearly €549,155 (December 31, 2010 value) adjusted in line with changes in the value of the ARRCO pension point. | |
• | For Mr. Tchuruk, the annual supplementary pension related to his previous employment by the Group was approximately €74,914 (December 31, 2010 value), adjusted in line with changes in the value of the ARRCO pension point. |
9) | As of December 31, 2010, the total amount of the Group’s commitments under pension plans for company officers is equal to €28.7 million. |
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Benefits or advantages | ||||||||||
Benefits or Advantages | due or likely to be | |||||||||
due or likely to be due | Benefits related | due after | ||||||||
Summary table | Employment | upon termination or | to a non-compete | termination or | ||||||
as of February 28, 2011 | contract | change of office | agreement | change of office | ||||||
Thierry Desmarest Chairman of the Board of Directors until May 21, 2010(a) Member of the Board since May 1995(a) Term of office: May 21, 2010 | NO | NO | NO | YES (retirement benefit)(c)(defined supplementary pension plan and corporate RECOSUP defined contribution pension plan(d) also applicable to certain Group employees) | ||||||
Christophe de Margerie | NO | YES | NO | YES | ||||||
Chairman and Chief Executive Officer Member of the Board since February 2007(b) Term of current office: The Shareholders’ Meeting called in 2012 to approve the financial statements for the year ending December 31, 2011 | (termination benefit | )(e) | (retirement benefit)(e) (defined supplementary pension plan(f) and corporate RECOSUP defined contribution pension plan(g) also applicable to certain Group employees) | |||||||
(a) | Chairman and Chief Executive Officer until February 13, 2007, and Chairman of the Board of Directors from February 14, 2007 to May 21, 2010. | |
(b) | Chief Executive Officer since February 13, 2007 and Chairman and Chief Executive Officer since May 21, 2010. | |
(c) | Payment subject to a performance condition in accordance with the decision of the Board of Directors on February 11, 2009. | |
(d) | Mr. Desmarest’s pension benefit represented a booked expense of €813.57 for the period between January 1 and May 21, 2010. | |
(e) | Payment subject to a performance condition in accordance with the decision of the Board of Directors on February 11, 2009, and confirmed by the Board of Directors on May 15, 2009 and May 21, 2010. The retirement benefit cannot be combined with the compensation for loss of office described above. | |
(f) | Representing an annual pension that would be equivalent, as of December 31, 2010, to 19.47% of the annual compensation for 2010. | |
(g) | Mr. de Margerie’s pension benefit represented a booked expense of €2,077.20 for fiscal year 2010. |
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• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is more than or equal to 18%. |
• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is more than or equal to 18%. |
• | is equal to zero if the ROE is less than or equal to 10%; |
• | varies on a straight-line basis between 0% and 80% if the ROE is more than 10% and less than 18%; |
• | varies on a straight-line basis between 80% and 100% if the ROE is more than or equal to 18% and less than 30%; and |
• | is equal to 100% if the ROE is more than or equal to 30%. |
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• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average ROE of the Group. The average ROE is calculated by the Group based on TOTAL’s consolidated balance sheet and statement of income for fiscal years 2010 and 2011. The acquisition rate is equal to zero if the average ROE is less than or equal to 7%, varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%, and is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average ROACE of the Group calculated based on TOTAL’s consolidated balance sheet and statement of income for fiscal years 2010 and 2011. The acquisition rate is equal to zero if the average ROACE is less than or equal to 6%, varies on a straight-line basis between 0% and 100% if the average ROACE is more than 6% and less than 15%; and is equal to 100% if the average ROACE is more than or equal to 15%. |
• | For each grantee of up to 3,000 options, other than the Chairman and Chief Executive Officer, the options will be finally granted. |
• | For each grantee of more than 3,000 options and less than or equal to 50,000 options (other than the Chairman and Chief Executive Officer): |
– | the first 3,000 options and two-thirds of the options in excess of this number will be finally granted to their beneficiary; | |
– | the outstanding options, that is one-third of the options in excess of the first 3,000 options, will be granted provided that the performance condition described below is fulfilled. |
• | For each grantee of more than 50,000 options, other than the Chairman and Chief Executive Officer: |
– | the first 3,000 options, two-thirds of the options above the first 3,000 options and below the first 50,000 options, and one-third of the options in excess of the first 50,000 options, will be finally granted to their beneficiary; | |
– | the remaining options, that is one-third of the options above the first 3,000 options and below the first 50,000 options, and two-thirds of the options in excess of the first 50,000 options will be finally granted provided that the performance condition is fulfilled. |
• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average ROE of the Group as published by TOTAL. The average ROE is calculated based on the Group’s consolidated balance sheet and statement of income for fiscal years 2009 and 2010. The acquisition rate is equal to zero if the average ROE is less than or equal to 7%, varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%, and is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options granted is related to the average ROACE of the Group as published by TOTAL. The average ROACE is calculated based on the Group’s consolidated balance sheet and statement of income for fiscal years 2009 and 2010. The acquisition rate is equal to zero if the average ROACE is less than or equal to 6%, varies on a straight-line basis between 0% and 100% if the average ROACE is more than 6% and less than 15%; and is equal to 100% if the average ROACE is more than or equal to 15%. |
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• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is more than or equal to 18%. |
• | is equal to zero if the ROE is less than or equal to 10%; |
• | varies on a straight-line basis between 0% and 80% if the ROE is more than 10% and less than 18%; |
• | varies on a straight-line basis between 80% and 100% if the ROE is more than or equal to 18% and less than 30%; and |
• | is equal to 100% if the ROE is more than or equal to 30%. |
AWARDED TO THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
For the year ended (€) | 2010 | 2009 | ||||||
Thierry Desmarest | ||||||||
Chairman of the Board of Directors | ||||||||
(until May 21, 2010) | ||||||||
Compensation due for fiscal year(a) | 1,604,039 | 1,971,852 | ||||||
Value of options awarded | — | — | ||||||
Value of restricted shares awarded | — | — | ||||||
Total | 1,604,039 | 1,971,852 | ||||||
Christophe de Margerie Chief Executive Officer | ||||||||
(until May 21, 2010) | ||||||||
Chairman and Chief Executive Officer | ||||||||
(since May 21, 2010) | ||||||||
Compensation due for fiscal year as Chief Executive Officer(a) | 1,030,359 | 2,666,991 | ||||||
Compensation due for fiscal year as Chairman and Chief Executive Officer(a) | 1,977,763 | — | ||||||
In-kind benefits(b) | 6,908 | 6,780 | ||||||
Value of options awarded(c) | 1,387,200 | 1,676,000 | ||||||
Value of restricted shares awarded | — | — | ||||||
Total | 4,402,230 | 4,349,771 | ||||||
(a) | Compensation detailed in the table “— Compensation of the Chairman and the Chief Executive Officer”. | |
(b) | Mr. de Margerie has the use of a company car. | |
(c) | Options awarded in 2010 are detailed in the table “— Stock options awarded in 2010 to the Chairman and the Chief Executive Officer”. The value of options awarded was calculated on the day when they were awarded using the Black-Scholes model based on the assumptions used for the consolidated accounts (see Note 25 to the Consolidated Financial Statement). |
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For the year ended 2010 | For the year ended 2009 | |||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
due for | paid in | due for | paid in | |||||||||||||
2010 | �� | 2010(a) | 2009 | 2009(a) | ||||||||||||
Thierry Desmarest | ||||||||||||||||
Chairman of the Board of Directors | ||||||||||||||||
(until May 21, 2010) | ||||||||||||||||
Fixed compensation | 428,763 | 428,763 | 1,100,000 | 1,100,000 | ||||||||||||
Variable compensation(b) | 322,644 | 871,852 | 871,852 | 969,430 | ||||||||||||
Extraordinary compensation(c) | 492,963 | 492,963 | — | — | ||||||||||||
Pension benefits(d) | 320,341 | 320,341 | — | — | ||||||||||||
Directors’ fees(e) | 39,328 | 39,328 | — | — | ||||||||||||
In-kind benefits | — | — | — | — | ||||||||||||
Total | 1,604,039 | 2,153,247 | 1,971,852 | 2,069,430 | ||||||||||||
For the year ended 2010 | For the year ended 2009 | |||||||||||||||
Amount | Amount | Amount | Amount | |||||||||||||
due for | paid in | due for | paid in | |||||||||||||
2010 | 2010(a) | 2009 | 2009(a) | |||||||||||||
Christophe de Margerie | ||||||||||||||||
Chief Executive Officer | ||||||||||||||||
(until May 21, 2010) | ||||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||||
(since May 21, 2010) | ||||||||||||||||
Fixed compensation | 1,426,452 | (f) | 1,426,452 | (f) | 1,310,000 | 1,310,000 | ||||||||||
Variable compensation(g) | 1,581,670 | (h) | 1,356,991 | 1,356,991 | 1,552,875 | |||||||||||
Extraordinary compensation | — | — | — | — | ||||||||||||
Directors’ fees | — | — | — | — | ||||||||||||
In-kind benefits(i) | 6,908 | 6,908 | 6,780 | 6,780 | ||||||||||||
Total | 3,015,030 | 2,790,351 | 2,673,771 | 2,869,655 | ||||||||||||
(a) | Variable portion paid for prior fiscal year. | |
(b) | The variable portion for the Chairman of the Board is calculated by taking into account the Group’s return on equity during the relevant fiscal year, the Group’s earnings compared to those of the other major international oil companies that are its competitors, as well as the Chairman of the Board’s personal contribution to the Group strategy, corporate governance and performance. The variable portion can reach a maximum amount of 100% of the fixed base salary. The objectives related to personal contribution were considered to be substantially fulfilled in 2010. | |
(c) | Retirement benefit received. | |
(d) | Retirement benefit received in 2010 under the RECOSUP pension scheme and the defined supplementary pension plan. | |
(e) | Directors’ fees received for the directorship after May 21, 2010; Mr. Desmarest did not receive any directors’ fees when serving in the position of Chairman of the Board. | |
(f) | Includes a fixed portion of €507,097 for the period between January 1 and May 21, 2010 and €919,355 for the period between May 22 and December 31, 2010. | |
(g) | The variable portion for the Chairman and Chief Executive Officer is calculated by taking into account the Group’s return on equity during the relevant fiscal year, the Group’s earnings compared to those of the other major international oil companies that are its competitors as well as the Chairman and Chief Executive Officer’s personal contribution based on operational target criteria. The variable portion can reach a maximum amount of 165% of the fixed base salary. The objectives related to personal contribution were considered to be mostly met in 2010. | |
(h) | Including a variable portion of €523,262 for the period between January 1 to May 21, 2010, and €1,058,408 for the period between May 22 and December 31, 2010. | |
(i) | Mr. de Margerie has the use of a company car. |
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Gross amount (€) | 2010 | 2009 | ||||||
Christophe de Margerie | (a) | (a) | ||||||
Thierry Desmarest(b) | (a) | (a) | ||||||
Patrick Artus(b) | 55,000 | 27,656 | ||||||
Patricia Barbizet(c) | 107,000 | 94,192 | ||||||
Daniel Bouton | 55,000 | 60,000 | ||||||
Gunnar Brock(d) | 39,328 | — | ||||||
Claude Clément(d) | 127,929 | (e) | — | |||||
Bertrand Collomb | 71,000 | 75,000 | ||||||
Paul Desmarais Jr. | 45,000 | 48,000 | ||||||
Bertrand Jacquillat | 95,000 | 95,000 | ||||||
Anne Lauvergeon | 45,000 | 45,000 | ||||||
Peter Levene of Portsoken | 79,000 | 69,000 | ||||||
Claude Mandil | 55,000 | 55,000 | ||||||
Michel Pébereau | 71,000 | 70,000 | ||||||
Thierry de Rudder | 142,000 | 116,000 | ||||||
Serge Tchuruk(f) | 104,639 | (g) | 154,379 | (g) |
(a) | For Mr. Desmarest and the Chairman and Chief Executive Officer, see summary tables “— Summary of compensation, stock options and restricted shares awarded to the Chairman and the Chief Executive Officer” and “— Compensation of the Chairman and the Chief Executive Officer”. | |
(b) | Member of the Compensation Committee since May 21, 2010. | |
(c) | Chairperson of the Audit Committee since July 28, 2009. | |
(d) | Director since May 21, 2010. | |
(e) | Including the directors fees received, representing €32,328, as well as the compensation received from Total Raffinage Marketing (a subsidiary of TOTAL S.A.), representing €95,601 in 2010. | |
(f) | Director until May 21, 2010. | |
(g) | Including pension payments related to previous employment by the Group, which amounted to €74,379 in 2009 and €74,914 in 2010. |
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THE CHIEF EXECUTIVE OFFICER
Number of options | ||||||||||||||||||||||||||
Value of | awarded during | Exercise | Exercise | Performance | ||||||||||||||||||||||
Date of plan | Type of options | options (€)(a) | fiscal year(b) | price (€) | period | conditions | ||||||||||||||||||||
Thierry Desmarest | 2010 Plan | Subscription | — | — | — | — | — | |||||||||||||||||||
Chairman of the Board of Directors | 09/14/2010 | options | ||||||||||||||||||||||||
(until May 21, 2010) | ||||||||||||||||||||||||||
Total | — | — | ||||||||||||||||||||||||
Christophe de Margerie | 2010 Plan 09/14/2010 | Subscription options | 1,387,200 | 240,000 | 38.20 | 09/15/2012 09/14/2018 | ||||||||||||||||||||
Chief Executive Officer (until May 21, 2010) Chairman and Chief Executive Officer (since May 21, 2010) | For 50% of the options, the condition is based on the average ROE for the Group’s 2010 and 2011 fiscal years. | |||||||||||||||||||||||||
For 50% of the options, the condition is based on the average ROACE for the Group’s 2010 and 2011 fiscal years. | ||||||||||||||||||||||||||
Total | 1,387,200 | 240,000 | ||||||||||||||||||||||||
(a) | The value of options awarded was calculated on the day they were awarded using the Black-Scholes model based on the assumptions used for the consolidated accounts (see Note 25 to the Consolidated Financial Statement). | |
(b) | As part of the share subscription option plan awarded on September 14, 2010, the Board of Directors decided that, for the Chairman and Chief Executive Officer, the number of share subscription options finally that are likely to be exercised will be subject to performance conditions. |
THE CHIEF EXECUTIVE OFFICER
Number of options | ||||||||||||
Date of plan | exercised during | Exercise | ||||||||||
(Grant date) | fiscal year | price (€) | ||||||||||
Thierry Desmarest | 2002 Plan | 25,372 | 39.03 | |||||||||
Chairman of the Board of Directors | 07/09/2002 | |||||||||||
(until May 21, 2010) | ||||||||||||
Total | 25,372 | |||||||||||
Christophe de Margerie | — | — | — | |||||||||
Chief Executive Officer | ||||||||||||
(until May 21, 2010) | ||||||||||||
Chairman and Chief Executive Officer | ||||||||||||
(since May 21, 2010) | ||||||||||||
Total | — | |||||||||||
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THE CHIEF EXECUTIVE OFFICER OR ANY DIRECTOR (CONDITIONAL GRANT)
Number of shares | ||||||||||||||||||||||
awarded during | Value of | Acquisition | Availability | Performance | ||||||||||||||||||
Date of plan | fiscal year | shares (€) | date | date | condition | |||||||||||||||||
Thierry Desmarest | 2010 Plan | — | — | — | — | — | ||||||||||||||||
Chairman of the Board of Directors | 09/14/2010 | |||||||||||||||||||||
(until May 21, 2010) | ||||||||||||||||||||||
Christophe de Margerie | 2010 Plan | — | — | — | — | — | ||||||||||||||||
Chief Executive Officer | 09/14/2010 | |||||||||||||||||||||
(until May 21, 2010) | ||||||||||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||||||||||
(since May 21, 2010) | ||||||||||||||||||||||
Claude Clément | 2010 Plan | 240 | 35.03 | 09/15/2012 | 09/15/2014 | |||||||||||||||||
Director representing employee shareholders | 09/14/2010 | Condition based on the Group’s average ROE for fiscal years 2010 and 2011(a) | ||||||||||||||||||||
2010 Global Plan | 25 | 32.70 | 07/01/2012 | 07/01/2014 | — | |||||||||||||||||
06/30/2010 | ||||||||||||||||||||||
Total | 265 | |||||||||||||||||||||
(a) | The performance condition applies to half of the shares awarded in excess of 100 shares. |
Number of shares | ||||||||||
finally awarded during | Acquisition | |||||||||
Date of plan | fiscal year(a) | condition | ||||||||
Thierry Desmarest | 2008 Plan | — | — | |||||||
Chairman of the Board of Directors | 10/09/2008 | |||||||||
(until May 21, 2010) | ||||||||||
Christophe de Margerie | 2008 Plan | — | — | |||||||
Chief Executive Officer | 10/09/2008 | |||||||||
(until May 21, 2010) | ||||||||||
Chairman and Chief Executive Officer | ||||||||||
(since May 21, 2010) | ||||||||||
Claude Clément Director representing employee shareholders | 2008 Plan 10/09/2008 | 300 | Condition based on the Group’s ROE for fiscal year 2009 | |||||||
Total | 300 | |||||||||
(a) | Shares finally awarded to the beneficiaries after a2-year vesting period, i.e. on October 10, 2010. | |
(b) | The acquisition rate of the shares granted, linked to the performance condition, was 60%. By decision of the Board of Directors at its meeting on September 9, 2008, Mr. Clément was awarded 500 restricted shares on October 9, 2008. Moreover, the transfer of the restricted shares finally awarded will only be permitted after the end of a2-year mandatory holding period, i.e. from October 10, 2012. |
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Number of | Average number | |||||||||||||||||
Number of | options | of options per | ||||||||||||||||
beneficiaries | awarded(a) | Percentage | beneficiary(a) | |||||||||||||||
2002 Plan(b)(d)(e): | ||||||||||||||||||
Purchase options | Executive officers(c) | 28 | 333,600 | 11.6 | % | 11,914 | ||||||||||||
Decision of the Board on July 9, 2002 | Senior managers | 299 | 732,500 | 25.5 | % | 2,450 | ||||||||||||
Exercise price: €158.30; discount: 0.0% | Other employees | 3,537 | 1,804,750 | 62.9 | % | 510 | ||||||||||||
Exercise price as of May 24, 2006: €39.03(a) | ||||||||||||||||||
Total | 3,864 | 2,870,850 | 100 | % | 743 | |||||||||||||
2003 Plan(b)(d): | ||||||||||||||||||
Subscription options | Executive officers(c) | 28 | 356,500 | 12.2 | % | 12,732 | ||||||||||||
Decision of the Board on July 16, 2003 | Senior managers | 319 | 749,206 | 25.5 | % | 2,349 | ||||||||||||
Exercise price: €133.20; discount: 0.0% | Other employees | 3,603 | 1,829,600 | 62.3 | % | 508 | ||||||||||||
Exercise price as of May 24, 2006: €32.84(a) | ||||||||||||||||||
Total | 3,950 | 2,935,306 | 100 | % | 743 | |||||||||||||
2004 Plan(d): | ||||||||||||||||||
Subscription options | Executive officers(c) | 30 | 423,500 | 12.6 | % | 14,117 | ||||||||||||
Decision of the Board on July 20, 2004 | Senior managers | 319 | 902,400 | 26.8 | % | 2,829 | ||||||||||||
Exercise price: €159.40; discount: 0.0% | Other employees | 3,997 | 2,039,730 | 60.6 | % | 510 | ||||||||||||
Exercise price as of May 24, 2006: €39.30(a) | ||||||||||||||||||
Total | 4,346 | 3,365,630 | 100 | % | 774 | |||||||||||||
2005 Plan(d): | ||||||||||||||||||
Subscription options | Executive officers(c) | 30 | 370,040 | 24.3 | % | 12,335 | ||||||||||||
Decision of the Board on July 19, 2005 | Senior managers | 330 | 574,140 | 37.6 | % | 1,740 | ||||||||||||
Exercise price: €198.90; discount: 0.0% | Other employees | 2,361 | 581,940 | 38.1 | % | 246 | ||||||||||||
Exercise price as of May 24, 2006: €49.04(a) | ||||||||||||||||||
Total | 2,721 | 1,526,120 | 100 | % | 561 | |||||||||||||
2006 Plan(d): | ||||||||||||||||||
Subscription options | Executive officers(c) | 28 | 1,447,000 | 25.3 | % | 51,679 | ||||||||||||
Decision of the Board on July 18, 2006 | Senior managers | 304 | 2,120,640 | 37.0 | % | 6,976 | ||||||||||||
Exercise price: €50.60; discount: 0.0% | Other employees | 2,253 | 2,159,600 | 37.7 | % | 959 | ||||||||||||
Total | 2,585 | 5,727,240 | 100 | % | 2,216 | |||||||||||||
2007 Plan(d)(e): | ||||||||||||||||||
Subscription options | Executive officers(c) | 27 | 1,329,360 | 22.8 | % | 49,236 | ||||||||||||
Decision of the Board on July 17, 2007 | Senior managers | 298 | 2,162,270 | 37.1 | % | 7,256 | ||||||||||||
Exercise price: €60.10; discount: 0.0% | Other employees | 2,401 | 2,335,600 | 40.1 | % | 973 | ||||||||||||
Total | 2,726 | 5,827,230 | 100 | % | 2,138 | |||||||||||||
2008 Plan(d)(e)(f): | ||||||||||||||||||
Subscription options | Executive officers(c) | 26 | 1,227,500 | 27.6 | % | 47,212 | ||||||||||||
Awarded on October 9, 2008(g) | Senior managers | 298 | 1,988,420 | 44.7 | % | 6,673 | ||||||||||||
Exercise price: €42.90; discount: 0.0% | Other employees | 1,690 | 1,233,890 | 27.7 | % | 730 | ||||||||||||
Total | 2,014 | 4,449,810 | 100 | % | 2,209 | |||||||||||||
2009 Plan(d)(e): | ||||||||||||||||||
Subscription options | Executive officers(c) | 26 | 1,201,500 | 27.4 | % | 46,211 | ||||||||||||
Decision of the Board on September 15, 2009 | Senior managers | 284 | 1,825,540 | 41.6 | % | 6,428 | ||||||||||||
Exercise price: €39.90; discount: 0.0% | Other employees | 1,742 | 1,360,460 | 31.0 | % | 781 | ||||||||||||
Total | 2,052 | 4,387,500 | 100 | % | 2,138 | |||||||||||||
2010 Plan(d)(e): | ||||||||||||||||||
Subscription options | Executive officers(c) | 25 | 1,348,100 | 28.2 | % | 53,924 | ||||||||||||
Decision of the Board on September 14, 2010 | Senior managers | 282 | 2,047,600 | 42.8 | % | 7,261 | ||||||||||||
Exercise price: €38.20; discount: 0.0% | Other employees | 1,790 | 1,392,720 | 29.0 | % | 778 | ||||||||||||
Total | 2,097 | 4,788,420 | 100 | % | 2,283 |
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(a) | To take into account the spin-off of Arkema, pursuant toArticles 174-9,174-12 and174-13 of DecreeNo. 67-236 of March 23, 1967, effective at that time and as of the date of the Shareholders’ Meeting on May 12, 2006, at its meeting of March 14, 2006, the Board of Directors resolved to adjust the rights of holders of TOTAL stock options. For each plan and each holder, the exercise prices for TOTAL stock options were multiplied by 0.986147 and the number of unexercised stock options was multiplied by 1.014048 (and then rounded up), effective as of May 24, 2006. In addition, to take into account thefour-for-one stock split approved by the Shareholders’ Meeting on May 12, 2006, the exercise price for stock options was divided by four and the number of unexercised stock options was multiplied by four. The presentation in this table of the number of options initially awarded has not been adjusted to reflect thefour-for-one stock split. | |
(b) | Certain employees of the Elf Aquitaine group in 1998 also benefited in 2000, 2001, 2002 and 2003 from the vesting of Elf Aquitaine options awarded in 1998 subject to performance conditions related to the Elf Aquitaine group from 1998 to 2002. These Elf Aquitaine plans expired on March 31, 2005. | |
(c) | Members of the Management Committee and the Treasurer as of the date of the Board meeting awarding the options. Mr. Desmarest has no longer been a member of the Management Committee since February 14, 2007. Mr. Desmarest was awarded 110,000 options under the 2007 plan and no option under the 2008 and 2009 plans. | |
(d) | The options are exercisable, subject to a continued employment condition, after a2-year vesting period from the date of the Board meeting awarding the options and expire eight years after this date. The underlying shares may not be transferred during the4-year period from the date of the Board meeting awarding the options (except for the 2008 plan). The continued employment condition states that the termination of the employment contract will also terminate the grantee’s right to exercise the options. | |
(e) | The4-year transfer restriction period does not apply to employees of non-French subsidiaries as of the date of the grant, who may transfer the underlying shares after a2-year period from the date of the grant. | |
(f) | For the 2008 plan, the options acquisition rate, linked to the performance condition, was 60%. | |
(g) | Decision of the Board on September 9, 2008. |
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2002 Plan | 2003 Plan | 2004 Plan | 2005 Plan | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | ||||||||||||||||||||||||||||||||
Purchase | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | ||||||||||||||||||||||||||||||||
Type of options | options | options | options | options | options | options | options | options | options | Total | ||||||||||||||||||||||||||||||
Date of the Shareholders’ Meeting | 05/17/2001 | 05/17/2001 | 05/14/2004 | 05/14/2004 | 05/14/2004 | 05/11/2007 | 05/11/2007 | 05/11/2007 | 05/21/2010 | |||||||||||||||||||||||||||||||
Grant date(a) | 07/09/2002 | 07/16/2003 | 07/20/2004 | 07/19/2005 | 07/18/2006 | 07/17/2007 | 10/09/2008 | 09/15/2009 | 09/14/2010 | |||||||||||||||||||||||||||||||
Total number of options awarded, including(b): | 11,483,400 | 11,741,224 | 13,462,520 | 6,104,480 | 5,727,240 | 5,937,230 | 4,449,810 | 4,387,500 | 4,788,420 | 68,081,824 | ||||||||||||||||||||||||||||||
directors(c) | 240,000 | 240,000 | 240,000 | 240,720 | 400,720 | 310,840 | 200,660 | 200,000 | 240,000 | 2,312,940 | ||||||||||||||||||||||||||||||
• D. Boeuf | n/a | n/a | — | 720 | 720 | 840 | 660 | 0 | n/a | 2,940 | ||||||||||||||||||||||||||||||
• T. Desmarest | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 110,000 | — | — | — | 1,310,000 | ||||||||||||||||||||||||||||||
• C. de Margerie | n/a | n/a | n/a | n/a | 160,000 | 200,000 | 200,000 | 200,000 | 240,000 | 1,000,000 | ||||||||||||||||||||||||||||||
• C. Clément | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | — | — | ||||||||||||||||||||||||||||||
Additional grant | — | — | 24,000 | 134,400 | — | — | — | — | — | 158,400 | ||||||||||||||||||||||||||||||
Adjustments related to the spin-off of Arkema(d) | 165,672 | 163,180 | 196,448 | 90,280 | — | — | — | — | — | 615,580 | ||||||||||||||||||||||||||||||
Date as of which the options may be exercised | 07/10/2004 | 07/17/2005 | 07/21/2006 | 07/20/2007 | 07/19/2008 | 07/18/2009 | 10/10/2010 | 09/16/2011 | 09/15/2012 | |||||||||||||||||||||||||||||||
Expiry date | 07/09/2010 | 07/16/2011 | 07/20/2012 | 07/19/2013 | 07/18/2014 | 07/17/2015 | 10/09/2016 | 09/15/2017 | 09/14/2018 | |||||||||||||||||||||||||||||||
Exercise price (€)(e) | 39.03 | 32.84 | 39.30 | 49.04 | 50.60 | 60.10 | 42.90 | 39.90 | 38.20 | |||||||||||||||||||||||||||||||
Cumulative number of options exercised as of December 31, 2010 | 6,878,373 | 6,072,598 | 1,050,178 | 38,497 | 8,620 | — | — | 1,080 | — | |||||||||||||||||||||||||||||||
Cumulative number of options canceled as of December 31, 2010 | 4,770,699 | 97,362 | 293,943 | 111,807 | 77,734 | 70,785 | 100,652 | 14,650 | 1,120 | |||||||||||||||||||||||||||||||
Number of options: | ||||||||||||||||||||||||||||||||||||||||
• outstanding as of January 1, 2010 | 5,935,261 | 6,811,629 | 12,495,709 | 6,185,440 | 5,645,686 | 5,871,665 | 4,441,630 | 4,377,010 | — | 51,764,030 | ||||||||||||||||||||||||||||||
Awarded in 2010 | — | — | — | — | — | — | — | — | 4,788,420 | 4,788,420 | ||||||||||||||||||||||||||||||
• Canceled in 2010(f)(g) | (4,671,989 | ) | (1,420 | ) | (15,660 | ) | (6,584 | ) | (4,800 | ) | (5,220 | ) | (92,472 | ) | (4,040 | ) | (1,120 | ) | (4,803,305 | ) | ||||||||||||||||||||
• exercised in 2010 | (1,263,272 | ) | (1,075,765 | ) | (141,202 | ) | — | — | — | — | (1,080 | ) | — | (2,481,319 | ) | |||||||||||||||||||||||||
outstanding as of December 31, 2010 | — | 5,734,444 | 12,338,847 | 6,178,856 | 5,640,886 | 5,866,445 | 4,349,158 | 4,371,890 | 4,787,300 | 49,267,826 | ||||||||||||||||||||||||||||||
(a) | The grant date is the date of the Board meeting awarding the options, except for the share subscription option plan of October 9, 2008, approved by the Board on September 9, 2008. | |
(b) | The number of options awarded before May 23, 2006, has been multiplied by four to take into account thefour-for-one stock split approved by the Shareholders’ Meeting on May 12, 2006. | |
(c) | Options awarded to directors at the time of grant. | |
(d) | Adjustments approved by the Board on its meeting on March 14, 2006 pursuant toArticles 174-9,174-12 and174-13 of DecreeNo. 67-236 dated March 23, 1967 in effect at the time of the Board meeting as well as at the time of the Shareholders’ Meeting on May 12, 2006, related to the spin-off of Arkema. These adjustments were made on May 22, 2006 effective as of May 24, 2006. | |
(e) | Exercise price as of May 24, 2006. To take into account thefour-for-one stock split that took place on May 18, 2006, the exercise price of stock options from plans then effective has been divided by four. In addition, to take into account the spin-off of Arkema, the exercise price of stock options was multiplied by an adjustment ratio of 0.986147, effective as of May 24, 2006. Exercise prices prior to May 24, 2006, are shown in Note 25 to the Consolidated Financial Statements. | |
(f) | Out of the 4,671,989 options canceled in 2010, 4,671,145 options that were not exercised expired due to the expiry of the 2002 purchase option plan on July 9, 2010. | |
(g) | Out of the 92,472 options awarded under the 2008 plan that were canceled, 88,532 options were canceled due to the application of the performance condition. The acquisition rate applicable to the subscription options that were subject to the performance condition of the 2008 plan was 60%. |
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TREASURER) AS OF DECEMBER 31, 2010
2002 Plan | 2003 Plan | 2004 Plan | 2005 Plan | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | ||||||||||||||||||||||||||||||||
Purchase | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | ||||||||||||||||||||||||||||||||
Type of options | options | options | options | options | options | options | options | options | options | Total | ||||||||||||||||||||||||||||||
Expiry date | 07/09/2010 | 07/16/2011 | 07/20/2012 | 07/19/2013 | 07/18/2014 | 07/17/2015 | 10/09/2016 | 09/15/2017 | 09/14/2018 | |||||||||||||||||||||||||||||||
Exercise price (€)(a) | 39.03 | 32.84 | 39.30 | 49.04 | 50.60 | 60.10 | 42.90 | 39.90 | 38.20 | |||||||||||||||||||||||||||||||
Options awarded by the Board(b) | 560,200 | 635,704 | 796,800 | 689,680 | 823,720 | 1,000,840 | 1,101,200 | 1,169,800 | 1,348,100 | 8,126,044 | ||||||||||||||||||||||||||||||
Adjustments related to the spin-off of Arkema(c) | 7,568 | 8,120 | 11,248 | 9,608 | — | — | — | — | — | 36,544 | ||||||||||||||||||||||||||||||
Options outstanding as of 01/01/10 | 243,232 | 291,337 | 705,048 | 699,416 | 823,720 | 1,000,840 | 1,101,200 | 1,169,800 | — | 6,034,593 | ||||||||||||||||||||||||||||||
Options awarded in 2010 | — | — | — | — | — | — | — | — | 1,348,100 | 1,348,100 | ||||||||||||||||||||||||||||||
Options exercised in 2010 | (20,600 | ) | (25,172 | ) | (90,000 | ) | — | — | — | — | — | — | (135,772 | ) | ||||||||||||||||||||||||||
Options canceled in 2010(d)(e) | (222,632 | ) | — | — | — | — | — | (78,399 | ) | — | — | (301,031 | ) | |||||||||||||||||||||||||||
Options outstanding as of 12/31/10 | — | 266,165 | 615,048 | 699,416 | 823,720 | 1,000,840 | 1,022,801 | 1,169,800 | 1,348,100 | 6,945,890 | ||||||||||||||||||||||||||||||
(a) | Exercise price as of May 24, 2006. To take into account thefour-for-one stock split that took place on May 18, 2006, the exercise price of stock options from plans then effective has been divided by four. In addition, to take into account the spin-off of Arkema, the exercise price of stock options was multiplied by an adjustment ratio of 0.986147, effective as of May 24, 2006. Exercise prices prior to May 24, 2006, are shown in Note 25 to the Consolidated Financial Statements. | |
(b) | The number of options awarded before May 23, 2006, has been multiplied by four to take into account thefour-for-one stock split approved by the Shareholders’ Meeting on May 12, 2006. | |
(c) | Adjustments approved by the Board on its meeting on March 14, 2006 pursuant toArticles 174-9,174-12 and174-13 of DecreeNo. 67-236 dated March 23, 1967 in effect at the time of the Board meeting and at the time of the Shareholders’ Meeting on May 12, 2006, related to the spin-off of Arkema. These adjustments were made on May 22, 2006 effective as of May 24, 2006. | |
(d) | Out of the 301,031 options canceled in 2010, 222,632 options that were not exercised expired due to the expiry of the 2002 purchase option plan on July 9, 2010. | |
(e) | 78,399 options of the 2008 plan were canceled due to the application of the performance condition. The acquisition rate applicable to the subscription options that were subject to the performance condition of the 2008 plan was 60%. |
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CHAIRMAN OF THE BOARD OF TOTAL S.A. UNTIL MAY 21, 2010
2002 Plan | 2003 Plan | 2004 Plan | 2005 Plan | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | ||||||||||||||||||||||||||||||||
Purchase | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | ||||||||||||||||||||||||||||||||
Type of options | options | options | options | options | options | options | options | options | options | Total | ||||||||||||||||||||||||||||||
Expiry date | 07/09/2010 | 07/16/2011 | 07/20/2012 | 07/19/2013 | 07/18/2014 | 07/17/2015 | 10/09/2016 | 09/15/2017 | 09/14/2018 | |||||||||||||||||||||||||||||||
Exercise price (€)(a) | 39.03 | 32.84 | 39.30 | 49.04 | 50.60 | 60.10 | 42.90 | 39.90 | 38.20 | |||||||||||||||||||||||||||||||
Options awarded by the Board(b) | 240,000 | 240,000 | 240,000 | 240,000 | 240,000 | 110,000 | — | — | — | 1,310,000 | ||||||||||||||||||||||||||||||
Adjustments related to the spin-off of Arkema(c) | 3,372 | 2,476 | 3,372 | 3,372 | — | — | — | — | — | 12,592 | ||||||||||||||||||||||||||||||
Options outstanding as of 01/01/10 | 25,372 | — | 243,372 | 243,372 | 240,000 | 110,000 | — | — | — | 862,116 | ||||||||||||||||||||||||||||||
Options awarded in 2010 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Options exercised in 2010 | (25,372 | ) | — | — | — | — | — | — | — | — | (25,372 | ) | ||||||||||||||||||||||||||||
Options canceled in 2010 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Options outstanding as of 12/31/10 | — | — | 243,372 | 243,372 | 240,000 | 110,000 | — | — | — | 836,744 | ||||||||||||||||||||||||||||||
(a) | Exercise price as of May 24, 2006. To take into account thefour-for-one stock split that took place on May 18, 2006, the exercise price of stock options from plans then effective has been divided by four. In addition, to take into account the spin-off of Arkema, the exercise price of stock options was multiplied by an adjustment ratio of 0.986147, effective as of May 24, 2006. Exercise prices prior to May 24, 2006, are shown in Note 25 to the Consolidated Financial Statements. | |
(b) | The number of options awarded before May 23, 2006, has been multiplied by four to take into account thefour-for-one stock split approved by the Shareholders’ Meeting on May 12, 2006. | |
(c) | Adjustments approved by the Board on its meeting on March 14, 2006 pursuant toArticles 174-9,174-12 and174-13 of DecreeNo. 67-236 dated March 23, 1967 in effect at the time of the Board meeting and at the time of the Shareholders’ Meeting on May 12, 2006, related to the spin-off of Arkema. These adjustments were made on May 22, 2006 effective as of May 24, 2006. |
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CHIEF EXECUTIVE OFFICER OF TOTAL S.A.
2002 Plan | 2003 Plan | 2004 Plan | 2005 Plan | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | ||||||||||||||||||||||||||||||||
Purchase | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | Subscription | ||||||||||||||||||||||||||||||||
Type of options | options | options | options | options | options | options | options | options | options | Total | ||||||||||||||||||||||||||||||
Expiry date | 07/09/2010 | 07/16/2011 | 07/20/2012 | 07/19/2013 | 07/18/2014 | 07/17/2015 | 10/09/2016 | 09/15/2017 | 09/14/2018 | |||||||||||||||||||||||||||||||
Exercise price (€)(a) | 39.03 | 32.84 | 39.30 | 49.04 | 50.60 | 60.10 | 42.90 | 39.90 | 38.20 | |||||||||||||||||||||||||||||||
Options awarded by the Board(b) | 112,000 | 112,000 | 128,000 | 130,000 | 160,000 | 200,000 | 200,000 | 200,000 | 240,000 | 1,482,000 | ||||||||||||||||||||||||||||||
Adjustments related to the spin-off of Arkema(c) | 1,576 | 1,576 | 1,800 | 1,828 | — | — | — | — | — | 6,780 | ||||||||||||||||||||||||||||||
Options outstanding as of 01/01/10 | 113,576 | 113,576 | 129,800 | 131,828 | 160,000 | 200,000 | 200,000 | 200,000 | — | 1,248,780 | ||||||||||||||||||||||||||||||
Options awarded in 2010 | 240,000 | 240,000 | ||||||||||||||||||||||||||||||||||||||
Options exercised in 2010 | — | — | ||||||||||||||||||||||||||||||||||||||
Options canceled in 2010(d)(e) | (113,576 | ) | (23,333 | ) | (136,909 | ) | ||||||||||||||||||||||||||||||||||
Options outstanding as of 12/31/10 | — | 113,576 | 129,800 | 131,828 | 160,000 | 200,000 | 176,667 | 200,000 | 240,000 | 1,351,871 | ||||||||||||||||||||||||||||||
(a) | Exercise price as of May 24, 2006. To take into account thefour-for-one stock split that took place on May 18, 2006, the exercise price of stock options from plans then effective has been divided by four. In addition, to take into account the spin-off of Arkema, the exercise price of stock options was multiplied by an adjustment ratio of 0.986147, effective as of May 24, 2006. Exercise prices prior to May 24, 2006, are shown in Note 25 to the Consolidated Financial Statements. | |
(b) | The number of options awarded before May 23, 2006, has been multiplied by four to take into account thefour-for-one stock split approved by the Shareholders’ Meeting on May 12, 2006. | |
(c) | Adjustments approved by the Board on its meeting on March 14, 2006 pursuant toArticles 174-9,174-12 and174-13 of DecreeNo. 67-236 dated March 23, 1967 in effect at the time of the Board meeting and at the time of the Shareholders’ Meeting on May 12, 2006, related to the spin-off of Arkema. These adjustments were made on May 22, 2006 effective as of May 24, 2006. | |
(d) | 113,576 options that were not exercised expired due to the expiry of the 2002 purchase option plan on July 9, 2010. | |
(e) | The acquisition rate applicable to the subscription options that were subject to the performance condition of the 2008 plan was 60%. |
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DIRECTORS) RECEIVING THE LARGEST AWARDS / STOCK OPTIONS
EXERCISED BY THE TEN EMPLOYEES (OTHER THAN DIRECTORS)
EXERCISING THE LARGEST NUMBER OF OPTIONS
Total number of options | ||||||||||||||||
awarded/ options | ||||||||||||||||
exercised | Exercise price (€) | Grant date(a) | Expiry date | |||||||||||||
Options awarded in 2010 to the ten employees of TOTAL S.A., or any company in the Group, receiving the largest number of options | 742,000 | 38.20 | 09/14/2010 | 09/14/2018 | ||||||||||||
Options exercised in 2010 by the ten employees of | 75,858 | 39.03 | 07/09/2002 | 07/09/2010 | ||||||||||||
TOTAL S.A., or any company in the Group, | 79,793 | 32.84 | 07/16/2003 | 07/16/2011 | ||||||||||||
exercising the largest number of options(b) | 24,000 | 39.30 | 07/20/2004 | 07/20/2012 | ||||||||||||
179,651 | 36.32 | (c) |
(a) | The grant date is the date of the Board meeting awarding the options. | |
(b) | Exercise price as of May 24, 2006. To take into account thefour-for-one stock split that took place on May 18, 2006, the exercise price of stock options from plans then effective has been divided by four. In addition, to take into account the spin-off of Arkema, the exercise price of stock options was multiplied by an adjustment ratio of 0.986147, effective as of May 24, 2006. Exercise prices prior to May 24, 2006, are shown in Note 25 to the Consolidated Financial Statements. | |
(c) | Weighted-average price. |
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Average number | ||||||||||||||||||
Number of | of restricted | |||||||||||||||||
Number of | restricted shares | shares per | ||||||||||||||||
beneficiaries | awarded(a) | Percentage | beneficiary | |||||||||||||||
2005 Plan(b) | Executive officers(c) | 29 | 13,692 | 2.4 | % | 472 | ||||||||||||
Decision of the Board on | Senior managers | 330 | 74,512 | 13.1 | % | 226 | ||||||||||||
July 19, 2005 | Other employees(d) | 6,956 | 481,926 | 84.5 | % | 69 | ||||||||||||
Total | 7,315 | 570,130 | 100 | % | 78 | |||||||||||||
2006 Plan(b) | Executive officers(c) | 26 | 49,200 | 2.2 | % | 1,892 | ||||||||||||
Decision of the Board on | Senior managers | 304 | 273,832 | 12.0 | % | 901 | ||||||||||||
July 18, 2006 | Other employees(d) | 7,509 | 1,952,332 | 85.8 | % | 260 | ||||||||||||
Total | 7,839 | 2,275,364 | 100 | % | 290 | |||||||||||||
2007 Plan(b) | Executive officers(c) | 26 | 48,928 | 2.1 | % | 1,882 | ||||||||||||
Decision of the Board on | Senior managers | 297 | 272,128 | 11.5 | % | 916 | ||||||||||||
July 17, 2007 | Other employees(d) | 8,291 | 2,045,309 | 86.4 | % | 247 | ||||||||||||
Total | 8,614 | 2,366,365 | 100 | % | 275 | |||||||||||||
2008 Plan(b) | Executive officers(c) | 25 | 49,100 | 1.8 | % | 1,964 | ||||||||||||
Grant on October 9, | Senior managers | 300 | 348,156 | 12.5 | % | 1,161 | ||||||||||||
2008, by decision of | Other employees(d) | 9,028 | 2,394,712 | 85.8 | % | 265 | ||||||||||||
the Board | ||||||||||||||||||
on September 9, 2008 | Total | 9,353 | 2,791,968 | 100 | % | 299 | ||||||||||||
2009 Plan | Executive officers(c) | 25 | 48,700 | 1.6 | % | 1,948 | ||||||||||||
Decision of the Board on | Senior managers | 284 | 329,912 | 11.1 | % | 1,162 | ||||||||||||
September 15, 2009 | Other employees(d) | 9,693 | 2,593,406 | 87.3 | % | 268 | ||||||||||||
Total | 10,002 | 2,972,018 | 100 | % | 297 | |||||||||||||
2010 Plan(e) | Executive officers(c) | 24 | 46,780 | 1.6 | % | 1,949 | ||||||||||||
Decision of the Board on | Senior managers | 283 | 343,080 | 11.4 | % | 1,212 | ||||||||||||
September 14, 2010 | Other employees(d) | 10,074 | 2,620,151 | 87.0 | % | 260 | ||||||||||||
Total | 10,381 | 3,010,011 | 100 | % | 290 |
(a) | The number of restricted shares awarded shown in this table has not been recalculated to take into account thefour-for-one stock split approved by the Shareholders’ Meeting on May 12, 2006. | |
(b) | For the 2005, 2006 and 2007 plans, the acquisition rates of the shares awarded, linked to the performance conditions, were 100%. For the 2008 plan, the acquisition rate, linked to the performance condition, was 60%. | |
(c) | Members of the Management Committee and the Treasurer as of the date of the Board meeting granting the restricted shares. The Chairman of the Board and the Chief Executive Officer were not awarded any restricted shares. | |
(d) | Mr. Clément, employee of Total Raffinage Marketing, a subsidiary of TOTAL S.A. and the director of TOTAL S.A. representing employee shareholders, was awarded 320 restricted shares under the 2005 plan, 200 restricted shares under the 2007 plan, 500 restricted shares under the 2008 plan and 240 restricted shares under the 2010 plan. | |
(e) | Excluding free shares granted as part of the 2010 global free share plan. |
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2005 | ||||||||||||||||||||||||
Plan(a) | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | |||||||||||||||||||
Date of the Shareholders’ Meeting | 05/17/2005 | 05/17/2005 | 05/17/2005 | 05/16/2008 | 05/16/2008 | 05/16/2008 | ||||||||||||||||||
Grant date(b) | 07/19/2005 | 07/18/2006 | 07/17/2007 | 10/09/2008 | 09/15/2009 | 09/14/2010 | ||||||||||||||||||
Closing price on grant date(c) | €52.13 | €50.40 | €61.62 | €35.945 | €41.615 | €39.425 | ||||||||||||||||||
Average repurchase price per share paid by the Company | €51.62 | €51.91 | €61.49 | €41.63 | €38.54 | €39.11 | ||||||||||||||||||
Total number of restricted shares awarded, including to | 2,280,520 | 2,275,364 | 2,366,365 | 2,791,968 | 2,972,018 | 3,010,011 | ||||||||||||||||||
• Directors(d) | 416 | 416 | 432 | 588 | — | 240 | ||||||||||||||||||
• Ten employees with largest grants(e) | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | ||||||||||||||||||
Start of the vesting period: | 07/19/2005 | 07/18/2006 | 07/17/2007 | 10/09/2008 | 09/15/2009 | 09/14/2010 | ||||||||||||||||||
Date of final grant, subject to specific condition (end of the vesting period) | 07/20/2007 | 07/19/2008 | 07/18/2009 | 10/10/2010 | 09/16/2011 | 09/15/2012 | ||||||||||||||||||
Transfer possible from (end of the mandatory holding period) | 07/20/2009 | 07/19/2010 | 07/18/2011 | 10/10/2012 | 09/16/2013 | 09/15/2014 | ||||||||||||||||||
Number of restricted shares: | ||||||||||||||||||||||||
• Outstanding as of January 1, 2010 | — | — | — | 2,762,476 | 2,966,036 | |||||||||||||||||||
• Awarded in 2010 | — | — | 3,010,011 | |||||||||||||||||||||
• Canceled in 2010(f) | 1,024 | (h) | 3,034 | (h) | 552 | (h) | (1,113,462 | ) | (9,796 | ) | (8,738 | ) | ||||||||||||
• Finally granted in 2010(g) | (1,024 | )(h) | (3,034 | )(h) | (552 | )(h) | (1,649,014 | ) | (1,904 | ) | (636 | ) | ||||||||||||
• Outstanding as of December 31, 2010 | — | — | — | — | 2,954,336 | 3,000,637 | ||||||||||||||||||
(a) | The number of restricted shares awarded has been multiplied by four to take into account thefour-for-one stock split approved by TOTAL Shareholders’ Meeting on May 12, 2006. | |
(b) | The grant date is the date of the Board meeting awarding the restricted share grant, except for the restricted shares awarded on October 9, 2008, approved by the Board on September 9, 2008. | |
(c) | To take into account thefour-for-one stock split in May 18, 2006, the closing price for TOTAL shares on July 19, 2005, (€208.50) has been divided by four. | |
(d) | Mr. Desmarest, Chairman of the Board of Directors until May 21, 2010, was not awarded any restricted shares under the 2005, 2006, 2007, 2008 2009 and 2010 plans. Furthermore, Mr. de Margerie, director of TOTAL S.A. since May 12, 2006, Chief Executive Officer of TOTAL S.A. since February 14, 2007, and Chairman and Chief Executive Officer of TOTAL S.A. since May 21, 2010, was not awarded any restricted shares under the 2006, 2007, 2008, 2009 and 2010 plans. Mr. de Margerie was finally awarded on July 20, 2007, the 2,000 restricted shares he had been awarded under the 2005 plan since he was not a director of TOTAL S.A as of the date of the grant. In addition, Mr. Boeuf, director of TOTAL S.A. representing employee shareholders until December 31, 2009, was awarded restricted shares under the plans approved by the Board of Directors of TOTAL S.A. on July 19, 2005, July 18, 2006, July 17, 2007 and September 9, 2008. Mr. Boeuf was not awarded any restricted shares under the plan approved by the Board of Directors of TOTAL S.A. on September 15, 2009. Mr. Clément, director of TOTAL S.A. representing employee shareholders since May 21, 2010, was awarded 240 restricted shares under the plan approved by the Board of Directors of TOTAL S.A. on September 14, 2010. In addition, Mr. Clément was finally awarded 300 shares on October 10, 2010, under the restricted share plan approved by the Board of Directors of TOTAL S.A. on September 9, 2008. | |
(e) | Employees of TOTAL S.A., or of any Group company, who were not directors of TOTAL S.A. as of the date of grant. | |
(f) | Out of the 1,113,462 canceled rights to the grant share under the 2008 plan, 1,094,914 entitlement rights were canceled due to the performance condition. The acquisition rate for the 2008 plan was 60%. | |
(g) | For the 2009 and 2010 plans, final grants following the death of the beneficiary. | |
(h) | Restricted shares finally awarded for which the entitlement right had been canceled erroneously. |
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2010 plan | 2010 plan | |||||||||||
(2+2) | (4+0) | Total | ||||||||||
Date of the Shareholders’ Meeting | 05/16/2008 | 05/16/2008 | ||||||||||
Grant date(a) | 06/30/2010 | 06/30/2010 | ||||||||||
Final grant date (end of vesting period) | 07/01/2012 | 07/01/2014 | ||||||||||
Transfer possible from | 07/01/2014 | 07/01/2014 | ||||||||||
Number of restricted shares awarded | ||||||||||||
Outstanding as of January 1, 2008 | — | — | — | |||||||||
Awarded | — | — | — | |||||||||
Canceled | — | — | — | |||||||||
Finally granted | — | — | — | |||||||||
Outstanding as of January 1, 2009 | — | — | — | |||||||||
Awarded | — | — | — | |||||||||
Canceled | — | — | — | |||||||||
Finally granted | — | — | — | |||||||||
Outstanding as of January 1, 2010 | — | — | — | |||||||||
Awarded | 1,508,850 | 1,070,650 | 2,579,500 | |||||||||
Canceled | (125 | ) | (75 | ) | (200 | ) | ||||||
Finally granted(c) | (75 | ) | (75 | ) | ||||||||
Outstanding as of December 31, 2010 | 1,508,650 | 1,070,575 | 2,579,225 | |||||||||
(a) | The June 30, 2010 grant was decided by the Board of Directors on May 21, 2010. | |
(b) | Final grant following the death or disability of the beneficiary of the shares. |
Restricted share | ||||||||||||||||
grants / Shares | End of mandatory | |||||||||||||||
finally awarded | Grant date | Date of final grant | holding period | |||||||||||||
Restricted share grants approved by the Board meeting on September 14, 2010 to the ten TOTAL S.A. employees (other than directors) receiving the largest amount of grants(a) | 20,000 | (b) | 09/14/2010 | 09/15/2012 | 09/15/2014 | |||||||||||
Restricted share finally awarded in 2010 following the restricted share plan approved by the Board meeting on September 9, 2008, to the ten employees (other than directors) receiving the largest amount of shares(c) | 12,000 | 10/09/2008 | 10/10/2010 | 10/10/2012 | ||||||||||||
(a) | Grant approved by the Board on September 14, 2010. Grants of these restricted shares will become final, subject to a performance condition, after a2-year vesting period, i.e. on September 15, 2012. Moreover, the transfer of the restricted shares will not be permitted until the end of a2-year mandatory holding period, i.e. on September 15, 2014. | |
(b) | In addition, as of June 30, 2010, as part of the global free share plan, the ten employees were granted rights to twenty-five free shares. | |
(c) | Restricted share plan approved by the Board of Directors on September 9, 2008, and awarded on October 9, 2008. Grants of these restricted shares will become final, subject to a performance condition, after a2-year vesting period, i.e. on October 10, 2010. The acquisition rate of the shares awarded, linked to the performance condition, was 60%. Moreover, the transfer of the restricted shares finally awarded will only be permitted after the end of a2-year mandatory holding period, i.e. from October 10, 2012. |
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• | The AFEP-MEDEF Code recommends that a director no longer be considered as independent upon the expiry of the term of office during which the length of his service on the board reaches twelve years. The Board has not followed this recommendation with regards to one of its members considering the long-term nature of its investments and operation as well as the experience and authority of which this director is in possession, which reinforce his independence and contribute to the Board’s work. This directorship expired on May 21, 2010. |
• | Mr. Desmarest chairs the Nominating & Governance Committee since it was created in February 2007. Although Mr. Desmarest chaired the Board of Directors until May 2010, the Board and this Committee considered that Mr. Desmarest chairing the Nominating & Governance Committee would enable this Committee to benefit from his experience and his knowledge of the Company’s businesses, environment and executive teams, which is particularly useful to inform the Committee’s deliberations concerning the appointment of executives and directors. This committee is comprised of a majority of independent directors and the Chairman and the Chief Executive Officer do not attend deliberations concerning their own situation. |
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• | appointing the Chairman and the Chief Executive Officer and supervising the handling of their responsibilities; |
• | defining the Company’s strategic orientation and, more generally, that of the Group; |
• | approving investments or divestments under study by the Group that concern amounts greater than 3% of shareholders’ equity, whether or not the project is part of the announced strategy; |
• | reviewing information on significant events related to the Company’s affairs, in particular for investments or divestments that are greater than 1% of shareholders’ equity; |
• | conducting audits and investigations as it may deem appropriate. The Board, with the assistance of the Audit committee where appropriate, ensures that: |
– | authority within the Company has been properly delegated before it is exercised, and that the various entities of the Company respect the authority, duties and responsibilities they have been given; | |
– | no individual is authorized to contract on behalf of the Company or to commit to pay, or to make payments, on behalf of the Company, without proper supervision and control; | |
– | the internal control function operates properly and that the statutory auditors are able to conduct their audits under appropriate circumstances; and | |
– | the committees it has created duly perform their responsibilities; |
• | monitoring the quality of the information provided to the shareholders and the financial markets through the financial statements that it approves and the annual reports, or when major transactions are conducted; |
• | convening and setting the agenda for Shareholders’ Meetings; |
• | preparing, for each year, a list of the directors it deems to be independent under generally recognized corporate governance criteria; and |
• | the Board of Directors is regularly informed, through the Audit Committee, of the Group’s financial position, cash position and obligations. |
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• | any shares and ADRs of TOTAL S.A. and its publicly traded subsidiaries are to be held in registered form, either bearer shares with the Company or its agent (currently BNP-Paribas Securities Services for TOTAL shares and Bank of New-York Mellon for TOTAL ADRs), or administered registered shares with a French broker (or U.S. broker for ADRs) whose contact details are communicated to the Board’s Secretariat by the director; |
• | buying on margin or short selling (Paris option market (MONEP), warrants, exchangeable obligations, etc.) those same securities is also prohibited; |
• | any transaction of the TOTAL share (or ADR) is strictly prohibited, including hedging transactions, on the day when the Company discloses its periodic earnings (quarterly, interim and annual) as well as the fifteen calendar days preceding such date; and |
• | directors make all necessary arrangements to declare to the French Financial Markets Authority (Autorité des marchés financiers) and inform the Board’s secretary, under the form and timeframe provided for by applicable laws, of any transaction on the company’s securities entered into by himself or any other individual with whom he is closely related. |
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• | an Audit Committee; |
• | a Nominating & Governance Committee; and |
• | a Compensation Committee. |
• | recommending the appointment of statutory auditors and their compensation, ensuring their independence and monitoring their work; |
• | establishing the rules for the use of statutory auditors for non-audit services and verifying their implementation; |
• | supervising the audit by the statutory auditors of the Company’s financial statements and consolidated financial statements; |
• | examining the accounting policies used to prepare the financial statements, examining the parent company’s annual financial statements and the consolidated annual, semi-annual, and quarterly financial statements prior to their examination by the Board, after regularly monitoring the financial situation, cash position and obligations of the Company; |
• | supervising the implementation of internal control and risk management procedures and their effective application, with the assistance of the internal audit department; |
• | supervising procedures for preparing financial information; |
• | monitoring the implementation and activities of the disclosure committee, including reviewing the conclusions of this committee; |
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• | reviewing the annual work program of internal and external auditors; |
• | receiving information periodically on completed audits and examining annual internal audit reports and other reports (statutory auditors, annual reports, etc.); |
• | reviewing the choice of appropriate accounting principles and methods; |
• | reviewing the Group’s policy for the use of derivative instruments; |
• | reviewing, if requested by the Board, major transactions contemplated by the Group; |
• | reviewing significant litigation annually; |
• | implementing, and monitoring compliance with, the financial code of ethics; |
• | proposing to the Board, for implementation, a procedure for complaints or concerns of employees, shareholders and others, related to accounting, internal accounting controls or auditing matters, and monitoring the implementation of this procedure; and |
• | reviewing the procedure for booking the Group’s proved reserves. |
• | directors’ fees paid for their services as directors or as members of the Audit Committee or, if applicable, another committee of the Board; and |
• | compensation and pension benefits related to prior employment by the Company, or another Group company, which are not dependent upon future work or activities. |
• | examining the executive compensation policies implemented by the Group and the compensation of members of the Executive Committee; and |
• | evaluating the performance and recommend the compensation of the Chairman of the Board and of the Chief Executive Officer. |
• | examining the criteria and objectives proposed by management for executive compensation and advising on this subject; |
• | presenting recommendations and proposals to the Board concerning: |
− | compensation, pension and insurance plans, in-kind benefits, and other compensation, including severance benefits, for the Chairman and the Chief Executive Officer of the Company, and | |
− | stock options and restricted share grants to the Chairman and the Chief Executive Officer; and |
• | examining stock option plans, restricted share grants, equity-based plans and pension and insurance plans. |
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• | directors’ fees paid for their services as directors or as members of the committee, or, if applicable, as members of another committee of the Company’s Board; and |
• | compensation and pension benefits related to prior employment by the Company which are not dependent upon future work or activities. |
• | recommending to the Board of Directors the persons that are qualified to be appointed as directors, Chairman or Chief Executive Officer; |
• | preparing the Company’s corporate governance rules and supervise their implementation; and |
• | examining any questions referred to it by the Board or the Chairman of the Board, in particular questions related to ethics. |
• | presenting recommendations to the Board for its membership and the membership of its committees; |
• | proposing annually to the Board the list of directors who may be considered as “independent directors” of the Company; |
• | assisting the Board in the selection and evaluation of the Chairman of the Board and the Chief Executive Officer and examining the preparation of their possible successors, in cooperation with the Compensation Committee; |
• | preparing a list of individuals who might be considered for election as Directors and those who might be named to serve on Board committees; |
• | proposing methods for the Board to evaluate its performance; |
• | proposing the procedure for allocating directors’ fees; |
• | developing and recommending to the Board the corporate governance principles applicable to the Company; and |
• | examining ethical issues at the request of the Board or its Chairman. |
• | directors’ fees paid for their services as directors or as members of the committee, or, if applicable, as members of another committee of the Company’s Board; and |
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• | compensation and pension benefits related to prior employment by the Company which are not dependent upon future work or activities. |
Upstream | Downstream | Chemicals | Corporate | Total | ||||||||||||||||
2010 | 17,192 | 32,631 | 41,658 | 1,374 | 92,855 | |||||||||||||||
2009 | 16,628 | 33,760 | 44,667 | 1,332 | 96,387 | |||||||||||||||
2008 | 16,005 | 34,040 | 45,545 | 1,369 | 96,959 | |||||||||||||||
France | Rest of Europe | Rest of world | Total | |||||||||||||||||
2010 | 35,169 | 24,931 | 32,755 | 92,855 | ||||||||||||||||
2009 | 36,407 | 26,299 | 33,681 | 96,387 | ||||||||||||||||
2008 | 37,101 | 27,495 | 32,363 | 96,959 |
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TOTAL ACTIONNARIAT FRANCE | 73,117,185 | |||
TOTAL ACTIONNARIAT INTERNATIONAL CAPITALISATION | 16,446,122 | |||
ELF PRIVATISATION No. 1 | 977,948 | |||
Shares held by U.S. employees | 705,829 | |||
Group Caisse Autonome (Belgium) | 295,866 | |||
TOTAL shares from the exercise of the Company’s stock options and held as registered shares within a Company Savings Plan (PEE)(a) | 3,185,510 | |||
Total shares held by employee shareholder funds | 94,728,460 | |||
(a) | Company savings plans. |
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• | Members of the Board of Directors (including the Chairman and Chief Executive Officer): 474,450 shares; |
• | Chairman and Chief Executive Officer: 85,230 shares and 48,529 shares of the TOTAL ACTIONNARIAT FRANCE collective investment plan; |
• | Management Committee (including the Chief Executive Officer) and Treasurer: 572,527 shares. |
• | The Chairman and the Chief Executive Officer are required to hold a number of shares of the Company equal in value to two years of the fixed portion of their annual compensation. |
• | Members of the Executive Committee are required to hold a number of shares of the Company equal in value to two years of the fixed portion of their annual compensation. These shares have to be acquired within three years from the appointment to the Executive Committee. |
• | directly held shares, whether or not they are subject to transfer restrictions; and |
• | shares in collective investment funds invested in TOTAL shares. |
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Exercise | |||||||||||||||||||||||
of stock | |||||||||||||||||||||||
Acquisition | Subscription | Transfer | Exchange | options | |||||||||||||||||||
Thierry Desmarest(a) | TOTAL shares | — | — | 45,372 | — | 25,372 | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | — | — | — | — | — | ||||||||||||||||||
Christophe de Margerie(a) | TOTAL shares | — | — | — | — | — | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | 4,815.21 | — | — | — | — | ||||||||||||||||||
Michel Bénézit(a) | TOTAL shares | — | 3,170 | — | — | — | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | 27.68 | 47.23 | — | — | — | ||||||||||||||||||
François Cornélis(a) | TOTAL shares | — | — | — | — | — | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | 1,241.32 | — | — | — | — | ||||||||||||||||||
Yves-Louis Darricarrère(a) | TOTAL shares | — | — | — | — | — | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | 4.61 | — | — | — | — | ||||||||||||||||||
Jean-Jacques Guilbaud(a) | TOTAL shares | — | — | 5,000 | — | 5,000 | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | 345.33 | 259.48 | 652.79 | — | — | ||||||||||||||||||
Patrick de La Chevardière(a) | TOTAL shares | — | — | — | — | — | |||||||||||||||||
Shares in collective investment plans (FCPE), and other related financial instruments(b) | 79.25 | 12.79 | — | — | — | ||||||||||||||||||
(a) | Including the related individuals in the meaning of the provisions of the Article R.621-43-1 of the French Monetary and Financial Code. | |
(b) | Collective investment funds (FCPE) primarily invested in Company shares. |
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2010 | 2009 | 2008 | ||||||||||||||||||||||||||
% of | ||||||||||||||||||||||||||||
% of | % of | theoretical | % of | % of | % of | % of | ||||||||||||||||||||||
share | voting | voting | share | voting | share | voting | ||||||||||||||||||||||
As of December 31, | capital | rights | rights(a) | capital | rights | capital | rights | |||||||||||||||||||||
Groupe Bruxelles Lambert(b)(c) | 4.0 | 4.0 | 3.7 | 4.0 | 4.0 | 4.0 | 4.0 | |||||||||||||||||||||
Compagnie Nationale à Portefeuille(b)(c) | 1.6 | 1.6 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | |||||||||||||||||||||
Areva(b) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 | 0.6 | |||||||||||||||||||||
BNP Paribas(b) | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||
Group employees(b)(d) | 4.0 | 7.7 | 7.1 | 3.9 | 7.5 | 3.8 | 7.4 | |||||||||||||||||||||
Other registered shareholders (non-Group) | 1.4 | 2.5 | 2.3 | 1.4 | 2.4 | 1.2 | 2.1 | |||||||||||||||||||||
Treasury shares | 4.8 | — | 8.3 | 4.9 | — | 6.0 | — | |||||||||||||||||||||
of which TOTAL S.A. | 0.5 | — | 0.5 | 0.6 | — | 1.8 | — | |||||||||||||||||||||
of which Total Nucléaire | 0.1 | 0.1 | 0.1 | — | 0.1 | — | ||||||||||||||||||||||
of which subsidiaries of Elf Aquitaine | 4.2 | 7.7 | 4.2 | — | 4.1 | — | ||||||||||||||||||||||
Other bearer shareholders | 84.0 | 84.0 | 77.0 | 84.2 | 84.5 | 83.1 | 84.3 | |||||||||||||||||||||
of which holders of ADS(e) | 8.0 | 8.0 | 7.4 | 7.5 | 7.6 | 8.2 | 8.3 | |||||||||||||||||||||
(a) | Pursuant toarticle 223-11 of the AMF General Regulation, the number of theoretical voting rights is calculated on the basis of all outstanding shares to which voting rights are attached, including treasury shares that are deprived of voting rights. | |
(b) | Shareholders with an executive officer (or a representative of employees) serving as a director of TOTAL S.A. | |
(c) | Groupe Bruxelles Lambert is a company controlled jointly by the Desmarais family and Frère-Bourgeois S.A., and for the latter mainly through its direct and indirect interest in Compagnie Nationale à Portefeuille. In addition, Groupe Bruxelles Lambert and Compagnie Nationale à Portefeuille declared their acting in concert. | |
(d) | Based on the definition of employee shareholding pursuant to Article L.225-102 of the French Commercial Code. | |
(e) | American Depositary Shares listed on the New York Stock Exchange. |
• | 200,662,536 voting rights attached to the 100,331,268 TOTAL shares held by TOTAL S.A. subsidiaries that cannot be exercised at Shareholders’ Meetings; and |
• | 12,156,411 voting rights attached to the 12,156,411 TOTAL shares held by TOTAL S.A. that are deprived of voting rights. |
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• | CNP jointly with GBL: |
• | The collective investment fund (fonds commun de placement) “TOTAL ACTIONNARIAT FRANCE”: |
(2) Pursuant toArticle 223-11 of the AMF General Regulation, the number of theoretical voting rights is calculated on the basis of all outstanding shares, including those shares held by the Group that are deprived of voting rights.
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• | As part of the spin-off of Arkema(1) in 2006, TOTAL S.A. or certain other Group companies agreed to grant Arkema guarantees for potential monetary consequences related to antitrust proceedings arising from events prior to the spin-off. |
These guarantees cover, for a period of ten years, 90% of amounts paid by Arkema related to (i) fines imposed by European authorities or European member-states for competition law violations, (ii) fines imposed by U.S. courts or antitrust authorities for federal antitrust violations or violations of the competition laws of U.S. states, (iii) damages awarded in civil proceedings related to the government proceedings mentioned above, and (iv) certain costs related to these proceedings. The guarantee related to anti-competition violations in Europe applies to amounts above a €176.5 million threshold. On the other hand, the agreements provide that Arkema will indemnify TOTAL S.A. or any Group company for 10% of any amount that TOTAL S.A. or any Group company are required to pay under any of the proceedings covered by these guarantees. |
If one or more individuals or legal entities, acting alone or together, directly or indirectly holds more than one-third of the voting rights of Arkema, or if Arkema transfers more than 50% of its assets (as calculated under the enterprise valuation method, as of the date of the transfer) to a third party or parties acting together, irrespective of the type or number of transfers, these guarantees will become void. |
• | In the United States, investigations into certain commercial practices of some subsidiaries of the Arkema group have been closed since 2007; no charges have been brought against Arkema. Civil liability lawsuits, for which TOTAL S.A. has been named as the parent company, are about to be closed and are not expected to have a significant impact on the Group’s financial position. |
• | In Europe, since 2006, the European Commission has fined companies of the Group in its configuration prior to the spin-off an overall amount of €385.47 million, of which Elf Aquitaineand/or TOTAL S.A. and their subsidiaries were held jointly liable for €280.17 million, Elf Aquitaine being personally fined €23.6 million for deterrence. These fines are entirely settled as of today. |
As a result(2), since the spin-off, the Group has paid the overall amount of €188.07 million, corresponding to 90% of the fines overall amount once the threshold provided for by the guarantee is deducted. |
The European Commission imposed these fines following investigations between 2000 and 2004 into commercial practices involving eight products sold by Arkema. Five of these investigations resulted in prosecutions from the European Commission for which Elf Aquitaine has been named as the parent company and two of these investigations named TOTAL S.A. as the ultimate parent company of the Group. |
TOTAL S.A. and Elf Aquitaine are contesting their liability based solely on their status as parent companies and appealed for cancelation and reformation of the rulings that are still pending before the relevant EU court of appeals or supreme court of appeals. |
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Besides, a civil proceeding against Arkema and five groups of companies was initiated before a German regional court by a third party for an alleged damage pursuant to one of the above described legal proceedings. TOTAL S.A. was summoned to serve notice of the dispute before this court. At this point, the probability to have a favorable verdict and the financial impacts of this procedure are uncertain due to the number of legal difficulties it gave rise to, the lack of documented claim and the complex evaluation of the alleged damage. | |
Arkema began implementing compliance procedures in 2001 that are designed to prevent its employees from violating antitrust provisions. However, it is not possible to exclude the possibility that the relevant authorities could commence additional proceedings involving Arkema regarding events prior to the spin-off, as well as Elf Aquitaineand/or TOTAL S.A. based on their status as parent company. | |
Within the framework of the legal proceedings described above, a €17 million reserve is booked in the Group’s consolidated financial statements as of December 31, 2010. |
• | Pursuant to a statement of objections received by Total Nederland N.V. and TOTAL S.A. (based on its status as parent company) from the European Commission, Total Nederland N.V. was fined in 2006 €20.25 million, which has been paid, and for which TOTAL S.A. was held jointly liable for €13.5 million. TOTAL S.A. appealed this decision before the relevant court and this appeal is still pending. |
In addition, pursuant to a statement of objections received by Total Raffinage Marketing (formerly Total France) and TOTAL S.A. from the European Commission regarding another product line of the Refining & Marketing division, Total Raffinage Marketing was fined €128.2 million in 2008, which has been paid, and for which TOTAL S.A. was held jointly liable based on its status as parent company. TOTAL S.A. also appealed this decision that is still pending before the relevant court. |
• | Finally, TotalGaz and Total Raffinage Marketing received in July 2009 a statement of objections from the French Antitrust Authority (Autorité de la concurrence française) regarding alleged antitrust practices concerning another product line of the Refining & Marketing division. The case was dismissed by decision of the French antitrust authorities on December 17, 2010. |
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Price per share (€) | High | Low | High adjusted | Low adjusted | ||||||||||||
2006 | 58.15 | 46.52 | 57.40 | 46.52 | ||||||||||||
2007 | 63.40 | 48.33 | — | — | ||||||||||||
2008 | 59.50 | 31.52 | — | — | ||||||||||||
2009 | 45.785 | 34.25 | — | — | ||||||||||||
First Quarter | 42.465 | 34.25 | — | — | ||||||||||||
Second Quarter | 42.455 | 34.72 | — | — | ||||||||||||
Third Quarter | 42.45 | 35.75 | — | — | ||||||||||||
Fourth Quarter | 45.785 | 39.005 | — | — | ||||||||||||
2010 | 46.735 | 35.655 | — | — | ||||||||||||
First Quarter | 46.735 | 40.05 | — | — | ||||||||||||
Second Quarter | 44.625 | 36.21 | — | — | ||||||||||||
Third Quarter | 41.00 | 35.655 | — | — | ||||||||||||
September | 39.67 | 36.77 | — | — | ||||||||||||
Fourth Quarter | 41.275 | 36.91 | — | — | ||||||||||||
October | 39.72 | 37.52 | — | — | ||||||||||||
November | 41.275 | 36.91 | — | — | ||||||||||||
December | 40.79 | 37.195 | — | — | ||||||||||||
2011 (through February 28) | 44.47 | 40.01 | — | — | ||||||||||||
January | 43.575 | 40.01 | — | — | ||||||||||||
February | 44.47 | 42.325 | — | — |
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Price Per ADR ($) | High | Low | High adjusted | Low adjusted | ||||||||||||
2006 | 73.46 | 58.06 | 73.46 | 58.06 | ||||||||||||
2007 | 87.34 | 63.89 | — | — | ||||||||||||
2008 | 91.34 | 42.60 | — | — | ||||||||||||
2009 | 65.98 | 42.88 | — | — | ||||||||||||
First Quarter | 57.85 | 42.88 | — | — | ||||||||||||
Second Quarter | 59.93 | 45.02 | — | — | ||||||||||||
Third Quarter | 62.43 | 49.78 | — | — | ||||||||||||
Fourth Quarter | 65.98 | 57.05 | — | — | ||||||||||||
2010 | 67.52 | 43.07 | — | — | ||||||||||||
First Quarter | 67.52 | 54.01 | — | — | ||||||||||||
Second Quarter | 60.24 | 43.07 | — | — | ||||||||||||
Third Quarter | 54.14 | 44.43 | — | — | ||||||||||||
September | 52.46 | 48.15 | — | — | ||||||||||||
Fourth Quarter | 58.06 | 48.08 | — | — | ||||||||||||
October | 55.50 | 51.20 | — | — | ||||||||||||
November | 58.06 | 48.08 | — | — | ||||||||||||
December | 53.97 | 49.03 | — | — | ||||||||||||
2011 (through February 28) | 61.44 | 52.61 | — | — | ||||||||||||
January | 59.84 | 52.61 | — | — | ||||||||||||
February | 61.44 | 58.05 | — | — |
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• | shares held by the Company or by entities controlled by the Company under certain conditions, which cannot be voted; |
• | shares held by shareholders making a contribution in-kind to the Company, which cannot be voted with respect to resolutions relating to such in-kind contributions; and |
• | shares held by interested parties, which cannot be voted with respect to resolutions relating to such shareholders. |
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• | negotiable outside France; |
• | transmitted by delivery; and |
• | fungible with TOTAL share certificates, which may be converted freely from bearer form to registration in an account. |
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Fiscal 2008 | ||
April 25, 2008 | Certification of the subscription to 4,870,386 new shares, par value €2.50, as part of the capital increase reserved for Group employees approved by the Board of Directors on November 6, 2007, raising the share capital by €12,175,965, from €5,988,830,242.50 to €6,001,006,207.50. | |
July 31, 2008 | Reduction of the share capital from €6,001,006,207.50 to €5,926,006,207.50, through the cancelation of 30,000,000 treasury shares, par value €2.50. | |
January 13, 2009 | Certification of the issuance of 1,405,591 new shares, par value €2.50 per share, between January 1 and December 31, 2008, raising the share capital by €3,513,977.50 from €5,926,006,207.50 to €5,929,520,185 (of which 1,178,167 new shares issued through the exercise of the Company’s stock options and 227,424 new shares through the exchange of 37,904 shares of Elf Aquitaine stock resulting from the exercise of Elf Aquitaine stock options and eligible for a guaranteed exchange for TOTAL shares). | |
Fiscal 2009 | ||
July 30, 2009 | Reduction of the share capital from €5,929,520,185 to €5,867,520,185, through the cancelation of 24,800,000 treasury shares, par value €2.50. | |
January 12, 2010 | Certification of the issuance of 1,414,810 new shares, par value €2.50 per share, between January 1 and December 31, 2009, raising the share capital by €3,537,025 from €5,867,520,185 to €5,871,057,210 (of which 934,780 new shares issued through the exercise of the Company’s stock options and 480,030 new shares through the exchange of 80,005 shares of Elf Aquitaine stock resulting from the exercise of Elf Aquitaine stock options and eligible for a guaranteed exchange for TOTAL shares). | |
Fiscal 2010 | ||
January 12, 2011 | Certification of the issuance of 1,218,047 new shares, par value €2.50, through the exercise of the Company’s stock options between January 1 and December 31, 2010, raising the share capital by €3,045,117.50 from €5,871,057,210 to €5,874,102,327.50. |
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• | dealers in securities; |
• | traders in securities that elect to use amark-to-market method of accounting for their securities holdings; |
• | tax-exempt organizations; |
• | life insurance companies; |
• | persons liable for alternative minimum tax; |
• | persons that actually or constructively own 10% or more of the share capital or voting rights in TOTAL; |
• | persons that hold the shares or ADSs as part of a straddle or a hedging or conversion transaction; or |
• | persons whose functional currency is not the U.S. dollar. |
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(i) | they furnish to the U.S. financial institution managing their securities account a certificate of residence conforming with the model attached to the Administrative Guidelines. The immediate application of the 15% withholding tax will be available only if the certificate of residence is sent to the U.S. financial institution managing their securities account before the dividend payment date. Furthermore, each financial institution managing the U.S. Holders’ securities account must also send to the French paying agent the figure of the total amount of dividends to be received which are eligible to the reduced withholding tax rate before the dividend payment date; |
(ii) | the U.S. financial institution managing the U.S. Holder’s securities account provides to the French paying agent a list of the eligible U.S. Holders and other pieces of information set forth in the Administrative Guidelines. Furthermore, the financial institution managing the U.S. Holders’ securities account should certify that each U.S. Holder is, to the best of its knowledge, a United States resident within the meaning of the Treaty. These documents must be sent as soon as possible, in all cases before the end of the third month computed as from the end of the month of the dividend payment date. |
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Investors must pay: | For: | |
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | • Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property, stocks splits or merger • Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | |
A fee equivalent to the fee that would be payable if securities distributed to the investor had been shares and the shares had been deposited for issuance of ADSs | • Distribution of securities distributed to holders of deposited securities that are distributed by the depositary to ADS registered holders | |
Registration or transfer fees | • Transfer and registration of shares on the Company’s share register to or from the name of the depositary or its agent when the investor deposits or withdraws shares | |
Expenses of the depositary | • Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) • Converting foreign currency to U.S. dollars | |
Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | • As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | • As necessary |
SECURITY HOLDERS AND USE OF PROCEEDS
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KPMG | Ernst & Young Audit | |||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
(M€) | 2010 | 2009 | 2010 | 2009 | ||||||||||||
Audit Fees | 15.1 | 16.0 | 15.2 | 17.7 | ||||||||||||
Audit-Related Fees(a) | 3.6 | 2.9 | 0.7 | 0.8 | ||||||||||||
Tax Fees(b) | 1.2 | 1.2 | 1.7 | 1.4 | ||||||||||||
All Other Fees(c) | 0.1 | 0.3 | 0.2 | 0.1 | ||||||||||||
Total | 20.0 | 20.4 | 17.8 | 20.0 | ||||||||||||
(a) | Audit-related fees are generally fees billed for services that are closely related to the performance of the audit or review of financial statements. These include due diligence services related to business combinations, attestation services not required by statute or regulation, agreed upon or expanded auditing procedures related to accounting or billing records required to respond to or comply with financial, accounting or regulatory reporting matters, consultations concerning financial accounting and reporting standards, information system reviews, internal control reviews and assistance with internal control reporting requirements. | |
(b) | Tax fees are fees for services related to international and domestic tax compliance, including the preparation of tax returns and claims for refund, tax planning and tax advice, including assistance with tax audits and tax appeals, and tax services regarding statutory, regulatory or administrative developments and expatriate tax assistance and compliance. | |
(c) | All other fees are principally for risk management advisory services. |
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Total Number Of | ||||||||||||||||
Shares Purchased, | Maximum Number | |||||||||||||||
As Part Of Publicly | Of Shares That May | |||||||||||||||
Total Number Of | Average Price | Announced | Yet Be Purchased | |||||||||||||
Shares | Paid Per | Plans Or | Under The Plans Or | |||||||||||||
Period | Purchased | Share (€) | Programs(a) | Programs(b) | ||||||||||||
January 2010 | — | — | — | 119,798,107 | ||||||||||||
February 2010 | — | — | — | 119,813,214 | ||||||||||||
March 2010 | — | — | — | 119,911,829 | ||||||||||||
April 2010 | — | — | — | 120,319,759 | ||||||||||||
May 2010 | — | — | — | 120,418,644 | ||||||||||||
June 2010 | — | — | — | 120,724,568 | ||||||||||||
July 2010 | — | — | — | 120,734,750 | ||||||||||||
August 2010 | — | — | — | 120,742,346 | ||||||||||||
September 2010 | — | — | — | 120,675,024 | ||||||||||||
October 2010 | — | — | — | 122,411,798 | ||||||||||||
November 2010 | — | — | — | 122,432,721 | ||||||||||||
December 2010 | — | — | — | 122,476,414 | ||||||||||||
January 2011 | — | — | — | 122,526,633 | ||||||||||||
February 2011 | — | — | — | 122,588,776 |
(a) | The shareholders’ meeting of May 21, 2010, cancelled and replaced the previous resolution from the shareholders’ meeting of May 15, 2009, authorizing the Board of Directors to trade in the Company’s own shares on the market for a period of 18 months within the framework of the stock purchase program. The maximum number of shares that may be purchased by virtue of this authorization or under the previous authorization may not exceed 10% of the total number of shares constituting the share capital, this amount being periodically adjusted to take into account operations modifying the share capital after each shareholders’ meeting. Under no circumstances may the total number of shares the Company holds, either directly or indirectly through its subsidiaries, exceed 10% of the share capital. | |
(b) | Based on 10% of the Company’s share capital, and after deducting the shares held by the Company for cancellation and the shares held by the Company to cover the share purchase option plans for Company employees and restricted share grants for Company employees, as well as after deducting the shares held by the subsidiaries. |
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F-4 | ||||
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1 | Bylaws (Statuts) of TOTAL S.A. (as amended through December 31, 2010) | |
8 | List of Subsidiaries (see Note 35 to the Consolidated Financial Statements included in this Annual Report) | |
11 | Code of Ethics (incorporated by reference to the Company’s Annual Report on Form 20-F for the year ended December 31, 2005) | |
12.1 | Certification of Chairman and Chief Executive Officer | |
12.2 | Certification of Chief Financial Officer | |
13.1 | Certification of Chairman and Chief Executive Officer | |
13.2 | Certification of Chief Financial Officer | |
15 | Consent of ERNST & YOUNG AUDIT and of KPMG S.A. |
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By: | /s/ Christophe de Margerie |
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ON THE CONSOLIDATED FINANCIAL STATEMENTS
KPMG AUDIT A division of KPMG S.A. | ERNST & YOUNG Audit | |||
/s/Jay Nirsimloo | /s/ Pascal Macioce | /s/ Laurent Vitse | ||
Jay Nirsimloo Partner | Pascal Macioce Partner | Laurent Vitse Partner |
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ON THE INTERNAL CONTROL OVER FINANCIAL REPORTING
KPMG AUDIT A division of KPMG S.A. | ERNST & YOUNG Audit | |||
/s/Jay Nirsimloo | /s/Pascal Macioce | /s/Laurent Vitse | ||
Jay Nirsimloo Partner | Pascal Macioce Partner | Laurent Vitse Partner |
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For the year ended December 31, (M€)(a) | 2010 | 2009 | 2008 | |||||||||||||||||
Sales | (Notes 4 & 5 | ) | 159,269 | 131,327 | 179,976 | |||||||||||||||
Excise taxes | (18,793 | ) | (19,174 | ) | (19,645 | ) | ||||||||||||||
Revenues from sales | 140,476 | 112,153 | 160,331 | |||||||||||||||||
Purchases net of inventory variation | (Note 6 | ) | (93,171 | ) | (71,058 | ) | (111,024 | ) | ||||||||||||
Other operating expenses | (Note 6 | ) | (19,135 | ) | (18,591 | ) | (19,101 | ) | ||||||||||||
Exploration costs | (Note 6 | ) | (864 | ) | (698 | ) | (764 | ) | ||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (8,421 | ) | (6,682 | ) | (5,755 | ) | ||||||||||||||
Other income | (Note 7 | ) | 1,396 | 314 | 369 | |||||||||||||||
Other expense | (Note 7 | ) | (900 | ) | (600 | ) | (554 | ) | ||||||||||||
Financial interest on debt | (465 | ) | (530 | ) | (1,000 | ) | ||||||||||||||
Financial income from marketable securities & cash equivalents | 131 | 132 | 473 | |||||||||||||||||
Cost of net debt | (Note 29 | ) | (334 | ) | (398 | ) | (527 | ) | ||||||||||||
Other financial income | (Note 8 | ) | 442 | 643 | 728 | |||||||||||||||
Other financial expense | (Note 8 | ) | (407 | ) | (345 | ) | (325 | ) | ||||||||||||
Equity in income (loss) of affiliates | (Note 12 | ) | 1,953 | 1,642 | 1,721 | |||||||||||||||
Income taxes | (Note 9 | ) | (10,228 | ) | (7,751 | ) | (14,146 | ) | ||||||||||||
Consolidated net income | 10,807 | 8,629 | 10,953 | |||||||||||||||||
Group share | 10,571 | 8,447 | 10,590 | |||||||||||||||||
Minority interests | 236 | 182 | 363 | |||||||||||||||||
Earnings per share (€) | 4.73 | 3.79 | 4.74 | |||||||||||||||||
Fully-diluted earnings per share (€) | 4.71 | 3.78 | 4.71 | |||||||||||||||||
(a) | Except for per share amounts. |
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COMPREHENSIVE INCOME
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Consolidated net income | 10,807 | 8,629 | 10,953 | |||||||||
Other comprehensive income | ||||||||||||
Currency translation adjustment | 2,231 | (244 | ) | (722 | ) | |||||||
Available for sale financial assets | (100 | ) | 38 | (254 | ) | |||||||
Cash flow hedge | (80 | ) | 128 | — | ||||||||
Share of other comprehensive income of associates, net amount | 302 | 234 | 173 | |||||||||
Other | (7 | ) | (5 | ) | 1 | |||||||
Tax effect | 28 | (38 | ) | 30 | ||||||||
Total other comprehensive income (net amount)(note 17) | 2,374 | 113 | (772 | ) | ||||||||
Comprehensive income | 13,181 | 8,742 | 10,181 | |||||||||
- Group share | 12,936 | 8,500 | 9,852 | |||||||||
- Minority interests | 245 | 242 | 329 |
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As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Non-current assets | ||||||||||||||||||||
Intangible assets, net | (Notes 5 & 10 | ) | 8,917 | 7,514 | 5,341 | |||||||||||||||
Property, plant and equipment, net | (Notes 5 & 11 | ) | 54,964 | 51,590 | 46,142 | |||||||||||||||
Equity affiliates: investments and loans | (Note 12 | ) | 11,516 | 13,624 | 14,668 | |||||||||||||||
Other investments | (Note 13 | ) | 4,590 | 1,162 | 1,165 | |||||||||||||||
Hedging instruments of non-current financial debt | (Note 20 | ) | 1,870 | 1,025 | 892 | |||||||||||||||
Other non-current assets | (Note 14 | ) | 3,655 | 3,081 | 3,044 | |||||||||||||||
Total non-current assets | 85,512 | 77,996 | 71,252 | |||||||||||||||||
Current assets | ||||||||||||||||||||
Inventories, net | (Note 15 | ) | 15,600 | 13,867 | 9,621 | |||||||||||||||
Accounts receivable, net | (Note 16 | ) | 18,159 | 15,719 | 15,287 | |||||||||||||||
Other current assets | (Note 16 | ) | 7,483 | 8,198 | 9,642 | |||||||||||||||
Current financial assets | (Note 20 | ) | 1,205 | 311 | 187 | |||||||||||||||
Cash and cash equivalents | (Note 27 | ) | 14,489 | 11,662 | 12,321 | |||||||||||||||
Total current assets | 56,936 | 49,757 | 47,058 | |||||||||||||||||
Assets classified as held for sale | (Note 34 | ) | 1,270 | — | — | |||||||||||||||
Total assets | 143,718 | 127,753 | 118,310 | |||||||||||||||||
LIABILITIES & SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Shareholders’ equity | ||||||||||||||||||||
Common shares | 5,874 | 5,871 | 5,930 | |||||||||||||||||
Paid-in surplus and retained earnings | 60,538 | 55,372 | 52,947 | |||||||||||||||||
Currency translation adjustment | (2,495 | ) | (5,069 | ) | (4,876 | ) | ||||||||||||||
Treasury shares | (3,503 | ) | (3,622 | ) | (5,009 | ) | ||||||||||||||
Total shareholders’ equity — Group share | (Note 17 | ) | 60,414 | 52,552 | 48,992 | |||||||||||||||
Minority interests | 857 | 987 | 958 | |||||||||||||||||
Total shareholders’ equity | 61,271 | 53,539 | 49,950 | |||||||||||||||||
Non-current liabilities | ||||||||||||||||||||
Deferred income taxes | (Note 9 | ) | 9,947 | 8,948 | 7,973 | |||||||||||||||
Employee benefits | (Note 18 | ) | 2,171 | 2,040 | 2,011 | |||||||||||||||
Provisions and other non-current liabilities | (Note 19 | ) | 9,098 | 9,381 | 7,858 | |||||||||||||||
Total non-current liabilities | 21,216 | 20,369 | 17,842 | |||||||||||||||||
Non-current financial debt | (Note 20 | ) | 20,783 | 19,437 | 16,191 | |||||||||||||||
Current liabilities | ||||||||||||||||||||
Accounts payable | 18,450 | 15,383 | 14,815 | |||||||||||||||||
Other creditors and accrued liabilities | (Note 21 | ) | 11,989 | 11,908 | 11,632 | |||||||||||||||
Current borrowings | (Note 20 | ) | 9,653 | 6,994 | 7,722 | |||||||||||||||
Other current financial liabilities | (Note 20 | ) | 159 | 123 | 158 | |||||||||||||||
Total current liabilities | 40,251 | 34,408 | 34,327 | |||||||||||||||||
Liabilities directly associated with the assets classified as held for sale | (Note 34 | ) | 197 | — | — | |||||||||||||||
Total liabilities and shareholders’ equity | 143,718 | 127,753 | 118,310 | |||||||||||||||||
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For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||||
Consolidated net income | 10,807 | 8,629 | 10,953 | |||||||||
Depreciation, depletion and amortization | 9,117 | 7,107 | 6,197 | |||||||||
Non-current liabilities, valuation allowances, and deferred taxes | 527 | 441 | (150 | ) | ||||||||
Impact of coverage of pension benefit plans | (60 | ) | — | (505 | ) | |||||||
(Gains) losses on disposals of assets | (1,046 | ) | (200 | ) | (257 | ) | ||||||
Undistributed affiliates’ equity earnings | (470 | ) | (378 | ) | (311 | ) | ||||||
(Increase) decrease in working capital | (496 | ) | (3,316 | ) | 2,571 | |||||||
Other changes, net | 114 | 77 | 171 | |||||||||
Cash flow from operating activities | 18,493 | 12,360 | 18,669 | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES | ||||||||||||
Intangible assets and property, plant and equipment additions | (13,812 | ) | (11,849 | ) | (11,861 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired | (862 | ) | (160 | ) | (559 | ) | ||||||
Investments in equity affiliates and other securities | (654 | ) | (400 | ) | (416 | ) | ||||||
Increase in non-current loans | (945 | ) | (940 | ) | (804 | ) | ||||||
Total expenditures | (16,273 | ) | (13,349 | ) | (13,640 | ) | ||||||
Proceeds from disposals of intangible assets and property, plant and equipment | 1,534 | 138 | 130 | |||||||||
Proceeds from disposals of subsidiaries, net of cash sold | 310 | — | 88 | |||||||||
Proceeds from disposals of non-current investments | 1,608 | 2,525 | 1,233 | |||||||||
Repayment of non-current loans | 864 | 418 | 1,134 | |||||||||
Total divestments | 4,316 | 3,081 | 2,585 | |||||||||
Cash flow used in investing activities | (11,957 | ) | (10,268 | ) | (11,055 | ) | ||||||
CASH FLOW USED IN FINANCING ACTIVITIES | ||||||||||||
Issuance (repayment) of shares: | ||||||||||||
- Parent company shareholders | 41 | 41 | 262 | |||||||||
- Treasury shares | 49 | 22 | (1,189 | ) | ||||||||
- Minority shareholders | — | — | (4 | ) | ||||||||
Dividends paid: | ||||||||||||
- Parent company shareholders | (5,098 | ) | (5,086 | ) | (4,945 | ) | ||||||
- Minority shareholders | (152 | ) | (189 | ) | (213 | ) | ||||||
Other transactions with minority shareholders | (429 | ) | — | — | ||||||||
Net issuance (repayment) of non-current debt | 3,789 | 5,522 | 3,009 | |||||||||
Increase (decrease) in current borrowings | (731 | ) | (3,124 | ) | 1,437 | |||||||
Increase (decrease) in current financial assets and liabilities | (817 | ) | (54 | ) | 850 | |||||||
Cash flow used in financing activities | (3,348 | ) | (2,868 | ) | (793 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 3,188 | (776 | ) | 6,821 | ||||||||
Effect of exchange rates | (361 | ) | 117 | (488 | ) | |||||||
Cash and cash equivalents at the beginning of the period | 11,662 | 12,321 | 5,988 | |||||||||
Cash and cash equivalents at the end of the period | 14,489 | 11,662 | 12,321 | |||||||||
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Paid-in | |||||||||||||||||||||||||||||||||||
surplus | |||||||||||||||||||||||||||||||||||
and | Currency | Shareholders’ | Total | ||||||||||||||||||||||||||||||||
Common shares issued | retained | translation | Treasury shares | equity- | Minority | shareholders’ | |||||||||||||||||||||||||||||
(M€) | Number | Amount | earnings | adjustment | Number | Amount | Group share | interests | equity | ||||||||||||||||||||||||||
As of January 1, 2008 | 2,395,532,097 | 5,989 | 48,797 | (4,396) | (151,421,232 | ) | (5,532) | 44,858 | 842 | 45,700 | |||||||||||||||||||||||||
Net income 2008 | — | — | 10,590 | — | — | — | 10,590 | 363 | 10,953 | ||||||||||||||||||||||||||
Other comprehensive income (Note 17) | — | — | (258 | ) | (480) | — | — | (738) | (34 | ) | (772) | ||||||||||||||||||||||||
Comprehensive income | — | — | 10,332 | (480) | — | — | 9,852 | 329 | 10,181 | ||||||||||||||||||||||||||
Dividend | — | — | (4,945 | ) | — | — | — | (4,945) | (213 | ) | (5,158) | ||||||||||||||||||||||||
Issuance of common shares (Note 17) | 6,275,977 | 16 | 246 | — | — | — | 262 | — | 262 | ||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | (27,600,000 | ) | (1,339) | (1,339) | — | (1,339) | |||||||||||||||||||||||||
Sale of treasury shares(a) | — | — | (71 | ) | — | 5,939,137 | 221 | 150 | — | 150 | |||||||||||||||||||||||||
Share-based payments (Note 25) | — | — | 154 | — | 154 | — | 154 | ||||||||||||||||||||||||||||
Other operations with minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Share cancellation(Note 17) | (30,000,000 | ) | (75) | (1,566 | ) | — | 30,000,000 | 1,641 | — | — | — | ||||||||||||||||||||||||
Transactions with shareholders | (23,724,023 | ) | (59) | (6,182 | ) | — | 8,339,137 | 523 | (5,718) | (213 | ) | (5,931) | |||||||||||||||||||||||
As of December 31, 2008 | 2,371,808,074 | 5,930 | 52,947 | (4,876) | (143,082,095 | ) | (5,009) | 48,992 | 958 | 49,950 | |||||||||||||||||||||||||
Net income 2009 | — | — | 8,447 | — | — | — | 8,447 | 182 | 8,629 | ||||||||||||||||||||||||||
Other comprehensive income (Note 17) | — | — | 246 | (193) | — | — | 53 | 60 | 113 | ||||||||||||||||||||||||||
Comprehensive income | — | — | 8,693 | (193) | — | — | 8,500 | 242 | 8,742 | ||||||||||||||||||||||||||
Dividend | — | — | (5,086 | ) | — | — | — | (5,086) | (189 | ) | (5,275) | ||||||||||||||||||||||||
Issuance of common shares (Note 17) | 1,414,810 | 3 | 38 | — | — | — | 41 | — | 41 | ||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Sale of treasury shares(a) | — | — | (143 | ) | — | 2,874,905 | 165 | 22 | — | 22 | |||||||||||||||||||||||||
Share-based payments (Note 25) | — | — | 106 | — | — | — | 106 | — | 106 | ||||||||||||||||||||||||||
Other operations with minority interests | — | — | (23 | ) | — | — | — | (23) | (24 | ) | (47) | ||||||||||||||||||||||||
Share cancellation(Note 17) | (24,800,000 | ) | (62) | (1,160 | ) | — | 24,800,000 | 1,222 | — | — | — | ||||||||||||||||||||||||
Transactions with shareholders | (23,385,190 | ) | (59) | (6,268 | ) | — | 27,674,905 | 1,387 | (4,940) | (213 | ) | (5,153) | |||||||||||||||||||||||
As of December 31, 2009 | 2,348,422,884 | 5,871 | 55,372 | (5,069) | (115,407,190 | ) | (3,622) | 52,552 | 987 | 53,539 | |||||||||||||||||||||||||
Net income 2010 | — | — | 10,571 | — | — | — | 10,571 | 236 | 10,807 | ||||||||||||||||||||||||||
Other comprehensive income (Note 17) | — | — | (216 | ) | 2,581 | — | — | 2,365 | 9 | 2,374 | |||||||||||||||||||||||||
Comprehensive income | — | — | 10,355 | 2,581 | — | — | 12,936 | 245 | 13,181 | ||||||||||||||||||||||||||
Dividend | — | — | (5,098 | ) | — | — | — | (5,098) | (152 | ) | (5,250) | ||||||||||||||||||||||||
Issuance of common shares (Note 17) | 1,218,047 | 3 | 38 | — | — | — | 41 | — | 41 | ||||||||||||||||||||||||||
Purchase of treasury shares | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Sale of treasury shares(a) | — | — | (70 | ) | — | 2,919,511 | 119 | 49 | — | 49 | |||||||||||||||||||||||||
Share-based payments (Note 25) | — | — | 140 | — | — | — | 140 | — | 140 | ||||||||||||||||||||||||||
Other operations with minority interests | — | — | (199 | ) | (7) | — | — | (206) | (223 | ) | (429) | ||||||||||||||||||||||||
Share cancellation(Note 17) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Transactions with shareholders | 1,218,047 | 3 | (5,189 | ) | (7) | 2,919,511 | 119 | (5,074) | (375 | ) | (5,449) | ||||||||||||||||||||||||
As of December 31, 2010 | 2,349,640,931 | 5,874 | 60,538 | (2,495) | (112,487,679 | ) | (3,503) | 60,414 | 857 | 61,271 | |||||||||||||||||||||||||
(a) | Treasury shares related to the stock option purchase plans and restricted stock grants. |
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• | give a true and fair view of the Group’s financial position, financial performance and cash flows; |
• | reflect the substance of transactions; |
• | are neutral; |
• | are prepared on a prudent basis; and |
• | are complete in all material aspects. |
1) | ACCOUNTING POLICIES |
A) | PRINCIPLES OF CONSOLIDATION |
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B) | BUSINESS COMBINATIONS |
• | The consideration transferred, the amount of minority interest and, in business combinations achieved in stages, the fair value at the acquisition date of the investment previously held in the acquired company |
• | Over the fair value at the acquisition date of acquired identifiable assets and assumed liabilities. |
C) | FOREIGN CURRENCY TRANSLATION |
(i) | Monetary transactions |
(ii) | Translation of financial statements denominated in foreign currencies |
D) | SALES AND REVENUES FROM SALES |
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E) | SHARE-BASED PAYMENTS |
F) | INCOME TAXES |
G) | EARNINGS PER SHARE |
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(i) | Exploration costs |
• | Costs of exploratory wells which result in proved reserves are capitalized and then depreciated using theunit-of-production method based on proved developed reserves; |
• | Costs of dry exploratory wells and wells that have not found proved reserves are charged to expense; |
• | Costs of exploratory wells are temporarily capitalized until a determination is made as to whether the well has found proved reserves if both of the following conditions are met: |
• | The well has found a sufficient quantity of reserves to justify its completion as a producing well, if appropriate, assuming that the required capital expenditures are made; | |
• | The Group is making sufficient progress assessing the reserves and the economic and operating viability of the project. This progress is evaluated on the basis of indicators such as whether additional exploratory works are under way or firmly planned (wells, seismic or significant studies), whether costs are being incurred for development studies and whether the Group is waiting for governmental or other third-party authorization of a proposed project, or availability of capacity on an existing transport or processing facility. |
(ii) | Oil and Gas producing assets |
(iii) | Mining activity |
• | Surface infrastructures; |
• | Machinery and mobile equipment which are significantly costly; |
• | Utilities and off-sites. |
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• | the technical feasibility of the project and the availability of the adequate resources for the completion of the intangible asset; |
• | the ability of the asset to generate probable future economic benefits; |
• | the ability to measure reliably the expenditures attributable to the asset; and |
• | the feasibility and intention of the Group to complete the intangible asset and use or sell it. |
• | if the project benefits from a specific funding, the capitalization of borrowing costs is based on the borrowing rate; |
• | if the project is financed by all the Group’s debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period. |
• | Furniture, office equipment, machinery and tools | 3-12 years | ||
• | Transportation equipments | 5-20 years | ||
• | Storage tanks and related equipment | 10-15 years | ||
• | Specialized complex installations and pipelines | 10-30 years | ||
• | Buildings | 10-50 years |
K) | LEASES |
L) | IMPAIRMENT OF LONG-LIVED ASSETS |
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M) | FINANCIAL ASSETS AND LIABILITIES |
(i) | Loans and Receivables |
(ii) | Other investments |
(iii) | Derivative instruments |
• | Cash management |
• | Long-term financing |
i. | Fair value hedge of the interest rate risk on the external debt and of the currency risk of the loans to subsidiaries. Changes in fair value of derivatives are recognized in the statement of income as are changes in fair value of underlying financial debts and loans to subsidiaries. |
• | If this termination is due to an early cancellation of the hedged items, the adjustment previously recorded as revaluation of those hedged items is also recognized in the statement of income; | |
• | If the hedged items remain in the balance sheet, the adjustment previously recorded as a revaluation of those hedged items is spread over the remaining life of those items. |
ii. | Cash flow hedge of the currency risk of the external debt. Changes in fair value are recorded in equity for the effective portion of the hedging and in the statement of income for the ineffective portion of |
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the hedging. Amounts recorded in equity are transferred to the income statement when the hedged transaction affects profit or loss. |
• | Foreign subsidiaries’ equity hedge |
• | Financial instruments related to commodity contracts |
(iv) | Current and non-current financial liabilities |
(v) | Fair value of financial instruments |
• | Financial debts, swaps |
• | Financial instruments related to commodity contracts |
• | Other financial instruments |
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• | Fair value hierarchy |
• | Level 1: quotations for assets and liabilities (identical to the ones that are being valued) obtained at the valuation date on an active market to which the entity has access; | |
• | Level 2: the entry data are observable data but do not correspond to quotations for identical assets or liabilities; | |
• | Level 3: the entry data are not observable data. For example: these data come from extrapolation. This level applies when there is no market or observable data and the company has to use its own hypotheses to estimate the data that other market players would have used to determine the fair value of the asset. |
N) | INVENTORIES |
P) | PROVISIONS AND OTHER NON-CURRENT LIABILITIES |
Q) | ASSET RETIREMENT OBLIGATIONS |
R) | EMPLOYEE BENEFITS |
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S) | CONSOLIDATED STATEMENT OF CASH FLOWS |
T) | CARBON DIOXIDE EMISSION RIGHTS |
• | emission rights granted free of charge are accounted for at zero carrying amount; |
• | liabilities resulting from potential differences between available quotas and quotas to be delivered at the end of the compliance period are accounted for as liabilities and measured at fair market value; |
• | spot market transactions are recognized in income at cost; and |
• | forward transactions are recognized at their fair market value on the face of the balance sheet. Changes in the fair value of such forward transactions are recognized in income. |
U) | NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS |
V) | ALTERNATIVE IFRS METHODS |
• | property, plant and equipment, and intangible assets are measured using historical cost model instead of revaluation model; |
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• | actuarial gains and losses on pension and other post-employment benefit obligations are recognized according to the corridor method (see Note 1 paragraph R to the Consolidated Financial Statements); |
• | jointly-controlled entities are consolidated under the equity method, as provided for in the alternative method of IAS 31 “Interests in joint ventures”, as from January 1st, 2010. |
W) | NEW ACCOUNTING PRINCIPLES NOT YET IN EFFECT |
2) | MAIN INDICATORS — INFORMATION BY BUSINESS SEGMENT |
(i) | Special items |
(ii) | The inventory valuation effect |
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(iii) | Until June 30, 2010, TOTAL’s equity share of adjustment items reconciling “Business net income” to Net income attributable to equity holders of Sanofi-Aventis (see Note 3, paragraph on the sales of Sanofi-Aventis shares and loss of significant influence over Sanofi-Aventis) |
(i) | Operating income (measure used to evaluate operating performance) |
(ii) | Net operating income (measure used to evaluate the return on capital employed) |
(iii) | Adjusted income |
(iv) | Fully-diluted adjusted earnings per share |
(v) | Capital employed |
(vi) | ROACE (Return on Average Capital Employed) |
(vii) | Net debt |
3) | CHANGES IN THE GROUP STRUCTURE, MAIN ACQUISITIONS AND DIVESTMENTS |
• | Upstream |
• | Total E&P Canada Ltd., a TOTAL subsidiary, signed in July 2010 an agreement with UTS Energy Corporation (UTS) to acquire UTS Corporation with its main asset, a 20% interest in the Fort Hills mining project in the Athabasca region of the Canadian province of Alberta. |
• | TOTAL completed in September 2010 an agreement for the sale to BP and Hess of its interests in the Valhall (15.72%) and Hod (25%) fields, in the Norwegian North Sea, for an amount of €800 million. | |
• | TOTAL signed in September 2010 an agreement with Santos and Petronas to acquire a 20% interest in the GLNG project in Australia. Upon completion of this transaction finalised in October 2010, the project brings together Santos (45%, operator), Petronas (35%) and TOTAL (20%). |
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• | TOTAL sold in December 2010 its 5% interest in Block 31, located in the Angolan ultra deep offshore, to the company China Sonangol International Holding Limited. |
• | Downstream |
• | TOTAL and ERG announced in January 2010 that they have signed an agreement to create a joint venture, named TotalErg, by contribution of the major part of their activities in the refining and marketing business in Italy. TotalErg has been operational since October 1st, 2010. The shareholder pact calls for joint governance as well as operating independence for the new entity. TOTAL’s interest in TotalErg is 49% and is accounted for by the equity method (see Note 12 to the Consolidated Financial Statements). |
• | Chemicals |
• | TOTAL closed on April 1, 2010 the sale of its consumer specialty chemicals business, Mapa Spontex, toU.S.-based Jarden Corporation for an enterprise value of €335 million. |
• | Corporate |
• | On March 24, 2010, TOTAL S.A. filed a public tender offer followed by a squeeze out with the French Autorité des Marchés Financiers (AMF) in order to buy the 1,468,725 Elf Aquitaine shares that it did not already hold, representing 0.52% of Elf Aquitaine’s share capital and 0.27% of its voting rights, at a price of €305 per share (including the remaining 2009 dividend). On April 13, 2010, the French Autorité des Marchés Financiers (AMF) issued its clearance decision for this offer. |
• | During 2010, TOTAL progressively sold 1.88% of Sanofi-Aventis’ share capital, thus reducing its interest to 5.51%. |
• | Upstream |
• | In December 2009, TOTAL signed an agreement with Chesapeake Energy Corporation whereby Total acquired a 25% share in Chesapeake’s Barnett shale gas portfolio located in the United States (State of Texas). The acquisition cost of these assets amounted to €1,562 million and it represented the value of mineral interests that have been recognized as intangible assets on the face of the Consolidated Balance Sheet for €1,449 million and the value of tangible assets that have been recognized on the face of the Consolidated Balance Sheet for €113 million. As no cash payment has occurred in 2009, a corresponding debt has been recognized in the |
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sections “Provisions and other non-current liabilities” and “Other creditors and accrued liabilities” for €818 million and €744 million respectively. |
• | Corporate |
• | During 2009, TOTAL progressively sold 3.99% of Sanofi-Aventis’ share capital, thus reducing its interest to 7.39%. Sanofi-Aventis is accounted for by the equity method in TOTAL’s Consolidated Financial Statements for the year ended December 31, 2009. |
• | Upstream |
• | Pursuant to the tender offer described in the prospectus on May 13, 2008 and renewed by the notices on June 19, July 4 and July 16, 2008, TOTAL acquired 100% of Synenco Energy Inc’s Class A ordinary shares. Synenco’s main asset is a 60% interest in the Northern Lights project in the Athabasca region of the Canadian province of Alberta. |
• | In August 2008, TOTAL acquired the Dutch company Goal Petroleum BV. The acquisition cost amounted to €349 million. This cost essentially represented the value of the company’s mineral interests that have been recognized as intangible assets on the face of the Consolidated Balance Sheet for €292 million. | |
Goal Petroleum BV is fully consolidated in TOTAL’s Consolidated Financial Statements. Its contribution to the consolidated net income for fiscal year 2008 was not material. | ||
• | Pursuant to the agreements signed between the partners in November 2008, the Group’s participation in the Kashagan field decreased from 18.52% to 16.81%. |
• | Corporate |
• | During 2008, TOTAL progressively sold 1.68% of Sanofi-Aventis’ share capital, thus reducing its interest to 11.38%. Sanofi-Aventis is accounted for by the equity method in TOTAL’s Consolidated Financial Statements for the year ended December 31, 2008. |
4) | BUSINESS SEGMENT INFORMATION |
• | The Upstream segment includes the activities of the Exploration & Production division and the Gas & Power division; |
• | The Downstream segment includes activities of the Refining & Marketing division and the Trading & Shipping division; and |
• | The Chemicals segment includes Base Chemicals and Specialties. |
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A) | INFORMATION BY BUSINESS SEGMENT |
For the year ended December 31, 2010 | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | 18,527 | 123,245 | 17,490 | 7 | — | 159,269 | ||||||||||||||||||
Intersegment sales | 22,540 | 4,693 | 981 | 186 | (28,400 | ) | — | |||||||||||||||||
Excise taxes | — | (18,793 | ) | — | — | — | (18,793 | ) | ||||||||||||||||
Revenues from sales | 41,067 | 109,145 | 18,471 | 193 | (28,400 | ) | 140,476 | |||||||||||||||||
Operating expenses | (18,271 | ) | (105,660 | ) | (16,974 | ) | (665 | ) | 28,400 | (113,170 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (5,346 | ) | (2,503 | ) | (533 | ) | (39 | ) | — | (8,421 | ) | |||||||||||||
Operating income | 17,450 | 982 | 964 | (511 | ) | — | 18,885 | |||||||||||||||||
Equity in income (loss) of affiliates and other items | 1,533 | 141 | 215 | 595 | — | 2,484 | ||||||||||||||||||
Tax on net operating income | (10,131 | ) | (201 | ) | (267 | ) | 263 | — | (10,336 | ) | ||||||||||||||
Net operating income | 8,852 | 922 | 912 | 347 | — | 11,033 | ||||||||||||||||||
Net cost of net debt | (226 | ) | ||||||||||||||||||||||
Minority interests | (236 | ) | ||||||||||||||||||||||
Net income | 10,571 | |||||||||||||||||||||||
For the year ended December 31, 2010 (adjustments(a)) | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | ||||||||||||||||||||||||
Intersegment sales | ||||||||||||||||||||||||
Excise taxes | ||||||||||||||||||||||||
Revenues from sales | ||||||||||||||||||||||||
Operating expenses | — | 923 | 92 | — | 1,015 | |||||||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (203 | ) | (1,192 | ) | (21 | ) | — | (1,416 | ) | |||||||||||||||
Operating income(b) | (203 | ) | (269 | ) | 71 | — | (401 | ) | ||||||||||||||||
Equity in income (loss) of affiliates and other items(c) | 183 | (126 | ) | (16 | ) | 227 | 268 | |||||||||||||||||
Tax on net operating income | 275 | 149 | — | (6 | ) | 418 | ||||||||||||||||||
Net operating income(b) | 255 | (246 | ) | 55 | 221 | 285 | ||||||||||||||||||
Net cost of net debt | — | |||||||||||||||||||||||
Minority interests | (2 | ) | ||||||||||||||||||||||
Net income | 283 | |||||||||||||||||||||||
(a) | Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis. |
(b) Of which inventory valuation effect | Upstream | Downstream | Chemicals | Corporate | ||||||||||||
on operating income | — | 863 | 130 | — | ||||||||||||
on net operating income | — | 640 | 113 | — | ||||||||||||
(c) Of which equity share of adjustments related to Sanofi-Aventis | — | — | — | (81 | ) |
F-21
Table of Contents
For the year ended December 31, 2010 (adjusted) | ||||||||||||||||||||||||
(M€)(a) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | 18,527 | 123,245 | 17,490 | 7 | — | 159,269 | ||||||||||||||||||
Intersegment sales | 22,540 | 4,693 | 981 | 186 | (28,400 | ) | — | |||||||||||||||||
Excise taxes | — | (18,793 | ) | — | — | — | (18,793 | ) | ||||||||||||||||
Revenues from sales | 41,067 | 109,145 | 18,471 | 193 | (28,400 | ) | 140,476 | |||||||||||||||||
Operating expenses | (18,271 | ) | (106,583 | ) | (17,066 | ) | (665 | ) | 28,400 | (114,185 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (5,143 | ) | (1,311 | ) | (512 | ) | (39 | ) | — | (7,005 | ) | |||||||||||||
Adjusted operating income | 17,653 | 1,251 | 893 | (511 | ) | — | 19,286 | |||||||||||||||||
Equity in income (loss) of affiliates and other items | 1,350 | 267 | 231 | 368 | — | 2,216 | ||||||||||||||||||
Tax on net operating income | (10,406 | ) | (350 | ) | (267 | ) | 269 | — | (10,754 | ) | ||||||||||||||
Adjusted net operating income | 8,597 | 1,168 | 857 | 126 | — | 10,748 | ||||||||||||||||||
Net cost of net debt | (226 | ) | ||||||||||||||||||||||
Minority interests | (234 | ) | ||||||||||||||||||||||
Adjusted net income | 10,288 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share (€) | 4.58 | |||||||||||||||||||||||
(a) | Except for earnings per share |
For the year ended December 31, 2010 | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures | 13,208 | 2,343 | 641 | 81 | 16,273 | |||||||||||||||||||
Total divestments | 2,067 | 499 | 347 | 1,403 | 4,316 | |||||||||||||||||||
Cash flow from operating activities | 15,573 | 1,441 | 934 | 545 | 18,493 | |||||||||||||||||||
Balance sheet as of December 31, 2010 | ||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net | 50,565 | 8,675 | 4,388 | 253 | 63,881 | |||||||||||||||||||
Investments in equity affiliates | 5,002 | 2,782 | 1,349 | — | 9,133 | |||||||||||||||||||
Loans to equity affiliates and other non-current assets | 4,184 | 1,366 | 979 | 4,099 | 10,628 | |||||||||||||||||||
Working capital | (363 | ) | 9,154 | 2,223 | (211 | ) | 10,803 | |||||||||||||||||
Provisions and other non-current liabilities | (16,076 | ) | (2,328 | ) | (1,631 | ) | (1,181 | ) | (21,216 | ) | ||||||||||||||
Assets and liabilities classified as held for sale | 660 | — | 413 | — | 1,073 | |||||||||||||||||||
Capital Employed (balance sheet) | 43,972 | 19,649 | 7,721 | 2,960 | 74,302 | |||||||||||||||||||
Less inventory valuation effect | — | (4,088 | ) | (409 | ) | 1,061 | (3,436 | ) | ||||||||||||||||
Capital Employed (Business segment information) | 43,972 | 15,561 | 7,312 | 4,021 | 70,866 | |||||||||||||||||||
ROACE as a percentage | 21% | 8% | 12% | 16% | ||||||||||||||||||||
F-22
Table of Contents
For the year ended December 31, 2009 | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | 16,072 | 100,518 | 14,726 | 11 | — | 131,327 | ||||||||||||||||||
Intersegment sales | 15,958 | 3,786 | 735 | 156 | (20,635 | ) | — | |||||||||||||||||
Excise taxes | — | (19,174 | ) | — | — | — | (19,174 | ) | ||||||||||||||||
Revenues from sales | 32,030 | 85,130 | 15,461 | 167 | (20,635 | ) | 112,153 | |||||||||||||||||
Operating expenses | (14,752 | ) | (81,281 | ) | (14,293 | ) | (656 | ) | 20,635 | (90,347 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (4,420 | ) | (1,612 | ) | (615 | ) | (35 | ) | — | (6,682 | ) | |||||||||||||
Operating income | 12,858 | 2,237 | 553 | (524 | ) | — | 15,124 | |||||||||||||||||
Equity in income (loss) of affiliates and other items | 846 | 169 | (58 | ) | 697 | — | 1,654 | |||||||||||||||||
Tax on net operating income | (7,486 | ) | (633 | ) | (92 | ) | 326 | — | (7,885 | ) | ||||||||||||||
Net operating income | 6,218 | 1,773 | 403 | 499 | — | 8,893 | ||||||||||||||||||
Net cost of net debt | (264 | ) | ||||||||||||||||||||||
Minority interests | (182 | ) | ||||||||||||||||||||||
Net income | 8,447 | |||||||||||||||||||||||
For the year ended December 31, 2009 (adjustments(a)) | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | ||||||||||||||||||||||||
Intersegment sales | ||||||||||||||||||||||||
Excise taxes | ||||||||||||||||||||||||
Revenues from sales | ||||||||||||||||||||||||
Operating expenses | (17 | ) | 1,558 | 344 | — | 1,885 | ||||||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (4 | ) | (347 | ) | (40 | ) | — | (391 | ) | |||||||||||||||
Operating income(b) | (21 | ) | 1,211 | 304 | — | 1,494 | ||||||||||||||||||
Equity in income (loss) of affiliates and other items(c) | (160 | ) | 22 | (123 | ) | (117 | ) | (378 | ) | |||||||||||||||
Tax on net operating income | 17 | (413 | ) | (50 | ) | (3 | ) | (449 | ) | |||||||||||||||
Net operating income(b) | (164 | ) | 820 | 131 | (120 | ) | 667 | |||||||||||||||||
Net cost of net debt | — | |||||||||||||||||||||||
Minority interests | (4 | ) | ||||||||||||||||||||||
Net income | 663 | |||||||||||||||||||||||
(a) | Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis. |
(b) Of which inventory valuation effect | Upstream | Downstream | Chemicals | Corporate | ||||||||||||
on operating income | — | 1,816 | 389 | — | ||||||||||||
on net operating income | — | 1,285 | 254 | — | ||||||||||||
(c) Of which equity share of adjustments related to Sanofi-Aventis | — | — | — | (300 | ) |
F-23
Table of Contents
For the year ended December 31, 2009 | ||||||||||||||||||||||||
(adjusted) | ||||||||||||||||||||||||
(M€)(a) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | 16,072 | 100,518 | 14,726 | 11 | — | 131,327 | ||||||||||||||||||
Intersegment sales | 15,958 | 3,786 | 735 | 156 | (20,635 | ) | — | |||||||||||||||||
Excise taxes | — | (19,174 | ) | — | — | — | (19,174 | ) | ||||||||||||||||
Revenues from sales | 32,030 | 85,130 | 15,461 | 167 | (20,635 | ) | 112,153 | |||||||||||||||||
Operating expenses | (14,735 | ) | (82,839 | ) | (14,637 | ) | (656 | ) | 20,635 | (92,232 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (4,416 | ) | (1,265 | ) | (575 | ) | (35 | ) | — | (6,291 | ) | |||||||||||||
Adjusted operating income | 12,879 | 1,026 | 249 | (524 | ) | — | 13,630 | |||||||||||||||||
Equity in income (loss) of affiliates and other items | 1,006 | 147 | 65 | 814 | — | 2,032 | ||||||||||||||||||
Tax on net operating income | (7,503 | ) | (220 | ) | (42 | ) | 329 | — | (7,436 | ) | ||||||||||||||
Adjusted net operating income | 6,382 | 953 | 272 | 619 | — | 8,226 | ||||||||||||||||||
Net cost of net debt | (264 | ) | ||||||||||||||||||||||
Minority interests | (178 | ) | ||||||||||||||||||||||
Adjusted net income | 7,784 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share (€) | 3.48 | |||||||||||||||||||||||
(a) | Except for earnings per share |
For the year ended December 31, 2009 | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures | 9,855 | 2,771 | 631 | 92 | 13,349 | |||||||||||||||||||
Total divestments | 398 | 133 | 47 | 2,503 | 3,081 | |||||||||||||||||||
Cash flow from operating activities | 10,200 | 1,164 | 1,082 | (86 | ) | 12,360 | ||||||||||||||||||
Balance sheet as of December 31, 2009 | ||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net | 43,997 | 9,588 | 5,248 | 271 | 59,104 | |||||||||||||||||||
Investments in equity affiliates | 4,260 | 2,110 | 652 | 4,235 | 11,257 | |||||||||||||||||||
Loans to equity affiliates and other non-current assets | 3,844 | 1,369 | 850 | 547 | 6,610 | |||||||||||||||||||
Working capital | 660 | 7,624 | 2,151 | 58 | 10,493 | |||||||||||||||||||
Provisions and other non-current liabilities | (15,364 | ) | (2,190 | ) | (1,721 | ) | (1,094 | ) | (20,369 | ) | ||||||||||||||
Assets and liabilities classified as held for sale | — | — | — | — | — | |||||||||||||||||||
Capital Employed (balance sheet) | 37,397 | 18,501 | 7,180 | 4,017 | 67,095 | |||||||||||||||||||
Less inventory valuation effect | — | (3,202 | ) | (282 | ) | 840 | (2,644 | ) | ||||||||||||||||
Capital Employed (Business segment information) | 37,397 | 15,299 | 6,898 | 4,857 | 64,451 | |||||||||||||||||||
ROACE as a percentage | 18% | 7% | 4% | 13% | ||||||||||||||||||||
F-24
Table of Contents
For the year ended December 31, 2008 | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | 24,256 | 135,524 | 20,150 | 46 | — | 179,976 | ||||||||||||||||||
Intersegment sales | 25,132 | 5,574 | 1,252 | 120 | (32,078 | ) | — | |||||||||||||||||
Excise taxes | — | (19,645 | ) | — | — | — | (19,645 | ) | ||||||||||||||||
Revenues from sales | 49,388 | 121,453 | 21,402 | 166 | (32,078 | ) | 160,331 | |||||||||||||||||
Operating expenses | (21,915 | ) | (119,425 | ) | (20,942 | ) | (685 | ) | 32,078 | (130,889 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (4,005 | ) | (1,202 | ) | (518 | ) | (30 | ) | — | (5,755 | ) | |||||||||||||
Operating income | 23,468 | 826 | (58 | ) | (549 | ) | — | 23,687 | ||||||||||||||||
Equity in income (loss) of affiliates and other items | 1,541 | (158 | ) | (34 | ) | 590 | — | 1,939 | ||||||||||||||||
Tax on net operating income | (14,563 | ) | (143 | ) | 76 | 315 | — | (14,315 | ) | |||||||||||||||
Net operating income | 10,446 | 525 | (16 | ) | 356 | — | 11,311 | |||||||||||||||||
Net cost of net debt | (358 | ) | ||||||||||||||||||||||
Minority interests | (363 | ) | ||||||||||||||||||||||
Net income | 10,590 | |||||||||||||||||||||||
For the year ended December 31, 2008 (adjustments(a)) | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | ||||||||||||||||||||||||
Intersegment sales | ||||||||||||||||||||||||
Excise taxes | ||||||||||||||||||||||||
Revenues from sales | ||||||||||||||||||||||||
Operating expenses | — | (2,776 | ) | (925 | ) | — | (3,701 | ) | ||||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interest | (171 | ) | — | (6 | ) | — | (177 | ) | ||||||||||||||||
Operating income(b) | (171 | ) | (2,776 | ) | (931 | ) | — | (3,878 | ) | |||||||||||||||
Equity in income (loss) of affiliates and other items(c) | (164 | ) | (195 | ) | (82 | ) | (345 | ) | (786 | ) | ||||||||||||||
Tax on net operating income | 57 | 927 | 329 | (2 | ) | 1,311 | ||||||||||||||||||
Net operating income(b) | (278 | ) | (2,044 | ) | (684 | ) | (347 | ) | (3,353 | ) | ||||||||||||||
Net cost of net debt | — | |||||||||||||||||||||||
Minority interests | 23 | |||||||||||||||||||||||
Net income | (3,330 | ) | ||||||||||||||||||||||
(a) | Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis. |
(b) Of which inventory valuation effect | Upstream | Downstream | Chemicals | Corporate | ||||||||||||
on operating income | — | (2,776 | ) | (727 | ) | — | ||||||||||
on net operating income | — | (1,971 | ) | (504 | ) | — | ||||||||||
(c) Of which equity share of adjustments related to Sanofi-Aventis | — | — | — | (393 | ) |
F-25
Table of Contents
For the year ended December 31, 2008 | ||||||||||||||||||||||||
(adjusted) | ||||||||||||||||||||||||
(M€)(a) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales | 24,256 | 135,524 | 20,150 | 46 | — | 179,976 | ||||||||||||||||||
Intersegment sales | 25,132 | 5,574 | 1,252 | 120 | (32,078 | ) | — | |||||||||||||||||
Excise taxes | — | (19,645 | ) | — | — | — | (19,645 | ) | ||||||||||||||||
Revenues from sales | 49,388 | 121,453 | 21,402 | 166 | (32,078 | ) | 160,331 | |||||||||||||||||
Operating expenses | (21,915 | ) | (116,649 | ) | (20,017 | ) | (685 | ) | 32,078 | (127,188 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (3,834 | ) | (1,202 | ) | (512 | ) | (30 | ) | — | (5,578 | ) | |||||||||||||
Adjusted operating income | 23,639 | 3,602 | 873 | (549 | ) | — | 27,565 | |||||||||||||||||
Equity in income (loss) of affiliates and other items | 1,705 | 37 | 48 | 935 | — | 2,725 | ||||||||||||||||||
Tax on net operating income | (14,620 | ) | (1,070 | ) | (253 | ) | 317 | — | (15,626 | ) | ||||||||||||||
Adjusted net operating income | 10,724 | 2,569 | 668 | 703 | — | 14,664 | ||||||||||||||||||
Net cost of net debt | (358 | ) | ||||||||||||||||||||||
Minority interests | (386 | ) | ||||||||||||||||||||||
Adjusted net income | 13,920 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share (€) | 6.20 | |||||||||||||||||||||||
(a) | Except for earnings per share |
For the year ended December 31, 2008 | ||||||||||||||||||||||||
(M€) | Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures | 10,017 | 2,418 | 1,074 | 131 | 13,640 | |||||||||||||||||||
Total divestments | 1,130 | 216 | 53 | 1,186 | 2,585 | |||||||||||||||||||
Cash flow from operating activities | 13,765 | 3,111 | 920 | 873 | 18,669 | |||||||||||||||||||
Balance sheet as of December 31, 2008 | ||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net | 37,090 | 8,823 | 5,323 | 247 | 51,483 | |||||||||||||||||||
Investments in equity affiliates | 3,892 | 1,958 | 677 | 6,134 | 12,661 | |||||||||||||||||||
Loans to equity affiliates and other non-current assets | 3,739 | 1,170 | 762 | 545 | 6,216 | |||||||||||||||||||
Working capital | 570 | 5,317 | 2,348 | (132 | ) | 8,103 | ||||||||||||||||||
Provisions and other non-current liabilities | (12,610 | ) | (2,191 | ) | (1,903 | ) | (1,138 | ) | (17,842 | ) | ||||||||||||||
Assets and liabilities classified as held for sale | — | — | — | — | — | |||||||||||||||||||
Capital Employed (balance sheet) | 32,681 | 15,077 | 7,207 | 5,656 | 60,621 | |||||||||||||||||||
Less inventory valuation effect | — | (1,454 | ) | (46 | ) | 387 | (1,113 | ) | ||||||||||||||||
Capital Employed (Business segment information) | 32,681 | 13,623 | 7,161 | 6,043 | 59,508 | |||||||||||||||||||
ROACE as a percentage | 36% | 20% | 9% | 26% | ||||||||||||||||||||
F-26
Table of Contents
B) | RECONCILIATION BETWEEN BUSINESS SEGMENT INFORMATION AND THE CONSOLIDATED STATEMENT OF INCOME |
Consolidated | ||||||||||||
For the year ended December 31, 2010 | statement of | |||||||||||
(M€) | Adjusted | Adjustments(a) | income | |||||||||
Sales | 159,269 | — | 159,269 | |||||||||
Excise taxes | (18,793 | ) | — | (18,793 | ) | |||||||
Revenues from sales | 140,476 | — | 140,476 | |||||||||
Purchases, net of inventory variation | (94,286 | ) | 1,115 | (93,171 | ) | |||||||
Other operating expenses | (19,035 | ) | (100 | ) | (19,135 | ) | ||||||
Exploration costs | (864 | ) | — | (864 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (7,005 | ) | (1,416 | ) | (8,421 | ) | ||||||
Other income | 524 | 872 | 1,396 | |||||||||
Other expense | (346 | ) | (554 | ) | (900 | ) | ||||||
Financial interest on debt | (465 | ) | — | (465 | ) | |||||||
Financial income from marketable securities & cash equivalents | 131 | — | 131 | |||||||||
Cost of net debt | (334 | ) | — | (334 | ) | |||||||
Other financial income | 442 | — | 442 | |||||||||
Other financial expense | (407 | ) | — | (407 | ) | |||||||
Equity in income (loss) of affiliates | 2,003 | (50 | ) | 1,953 | ||||||||
Income taxes | (10,646 | ) | 418 | (10,228 | ) | |||||||
Consolidated net income | 10,522 | 285 | 10,807 | |||||||||
Group share | 10,288 | 283 | 10,571 | |||||||||
Minority interests | 234 | 2 | 236 | |||||||||
(a) | Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis. |
F-27
Table of Contents
Consolidated | ||||||||||||
For the year ended December 31, 2009 | statement of | |||||||||||
(M€) | Adjusted | Adjustments(a) | income | |||||||||
Sales | 131,327 | — | 131,327 | |||||||||
Excise taxes | (19,174 | ) | — | (19,174 | ) | |||||||
Revenues from sales | 112,153 | — | 112,153 | |||||||||
Purchases, net of inventory variation | (73,263 | ) | 2,205 | (71,058 | ) | |||||||
Other operating expenses | (18,271 | ) | (320 | ) | (18,591 | ) | ||||||
Exploration costs | (698 | ) | — | (698 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (6,291 | ) | (391 | ) | (6,682 | ) | ||||||
Other income | 131 | 183 | 314 | |||||||||
Other expense | (315 | ) | (285 | ) | (600 | ) | ||||||
Financial interest on debt | (530 | ) | — | (530 | ) | |||||||
Financial income from marketable securities & cash equivalents | 132 | — | 132 | |||||||||
Cost of net debt | (398 | ) | — | (398 | ) | |||||||
Other financial income | 643 | — | 643 | |||||||||
Other financial expense | (345 | ) | — | (345 | ) | |||||||
Equity in income (loss) of affiliates | 1,918 | (276 | ) | 1,642 | ||||||||
Income taxes | (7,302 | ) | (449 | ) | (7,751 | ) | ||||||
Consolidated net income | 7,962 | 667 | 8,629 | |||||||||
Group share | 7,784 | 663 | 8,447 | |||||||||
Minority interests | 178 | 4 | 182 | |||||||||
(a) | Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis. |
Consolidated | ||||||||||||
For the year ended December 31, 2008 | statement of | |||||||||||
(M€) | Adjusted | Adjustments(a) | income | |||||||||
Sales | 179,976 | — | 179,976 | |||||||||
Excise taxes | (19,645 | ) | — | (19,645 | ) | |||||||
Revenues from sales | 160,331 | — | 160,331 | |||||||||
Purchases, net of inventory variation | (107,521 | ) | (3,503 | ) | (111,024 | ) | ||||||
Other operating expenses | (18,903 | ) | (198 | ) | (19,101 | ) | ||||||
Exploration costs | (764 | ) | — | (764 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests | (5,578 | ) | (177 | ) | (5,755 | ) | ||||||
Other income | 153 | 216 | 369 | |||||||||
Other expense | (147 | ) | (407 | ) | (554 | ) | ||||||
Financial interest on debt | (1,000 | ) | — | (1,000 | ) | |||||||
Financial income from marketable securities & cash equivalents | 473 | — | 473 | |||||||||
Cost of net debt | (527 | ) | — | (527 | ) | |||||||
Other financial income | 728 | — | 728 | |||||||||
Other financial expense | (325 | ) | — | (325 | ) | |||||||
Equity in income (loss) of affiliates | 2,316 | (595 | ) | 1,721 | ||||||||
Income taxes | (15,457 | ) | 1,311 | (14,146 | ) | |||||||
Consolidated net income | 14,306 | (3,353 | ) | 10,953 | ||||||||
Group share | 13,920 | (3,330 | ) | 10,590 | ||||||||
Minority interests | 386 | (23 | ) | 363 | ||||||||
(a) | Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis. |
F-28
Table of Contents
For the year ended December 31, 2010 (M€) | Upstream | Downstream | Chemicals | Corporate | Total | |||||||||||||||
Inventory valuation effect | — | 863 | 130 | — | 993 | |||||||||||||||
Restructuring charges | — | — | — | — | — | |||||||||||||||
Asset impairment charges | (203 | ) | (1,192 | ) | (21 | ) | — | (1,416 | ) | |||||||||||
Other items | — | 60 | (38 | ) | — | 22 | ||||||||||||||
Total | (203 | ) | (269 | ) | 71 | — | (401 | ) | ||||||||||||
For the year ended December 31, 2010 (M€) | Upstream | Downstream | Chemicals | Corporate | Total | |||||||||||||||
Inventory valuation effect | — | 635 | 113 | — | 748 | |||||||||||||||
TOTAL’s equity share of adjustments related to Sanofi-Aventis | — | — | — | (81 | ) | (81 | ) | |||||||||||||
Restructuring charges | — | (12 | ) | (41 | ) | — | (53 | ) | ||||||||||||
Asset impairment charges | (297 | ) | (913 | ) | (14 | ) | — | (1,224 | ) | |||||||||||
Gains (losses) on disposals of assets | 589 | 122 | 33 | 302 | 1,046 | |||||||||||||||
Other items | (37 | ) | (83 | ) | (33 | ) | — | (153 | ) | |||||||||||
Total | 255 | (251 | ) | 58 | 221 | 283 | ||||||||||||||
For the year ended December 31, 2009 (M€) | Upstream | Downstream | Chemicals | Corporate | Total | |||||||||||||||
Inventory valuation effect | — | 1,816 | 389 | — | 2,205 | |||||||||||||||
Restructuring charges | — | — | — | — | — | |||||||||||||||
Asset impairment charges | (4 | ) | (347 | ) | (40 | ) | — | (391 | ) | |||||||||||
Other items | (17 | ) | (258 | ) | (45 | ) | — | (320 | ) | |||||||||||
Total | (21 | ) | 1,211 | 304 | — | 1,494 | ||||||||||||||
For the year ended December 31, 2009 (M€) | Upstream | Downstream | Chemicals | Corporate | Total | |||||||||||||||
Inventory valuation effect | — | 1,279 | 254 | — | 1,533 | |||||||||||||||
TOTAL’s equity share of adjustments related to Sanofi-Aventis | — | — | — | (300 | ) | (300 | ) | |||||||||||||
Restructuring charges | — | (27 | ) | (102 | ) | — | (129 | ) | ||||||||||||
Asset impairment charges | (52 | ) | (253 | ) | (28 | ) | — | (333 | ) | |||||||||||
Gains (losses) on disposals of assets | — | — | — | 179 | 179 | |||||||||||||||
Other items | (112 | ) | (182 | ) | 7 | — | (287 | ) | ||||||||||||
Total | (164 | ) | 817 | 131 | (121 | ) | 663 | |||||||||||||
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For the year ended December 31, 2008 (M€) | Upstream | Downstream | Chemicals | Corporate | Total | |||||||||||||||
Inventory valuation effect | — | (2,776 | ) | (727 | ) | — | (3,503 | ) | ||||||||||||
Restructuring charges | — | — | — | — | — | |||||||||||||||
Asset impairment charges | (171 | ) | — | (6 | ) | — | (177 | ) | ||||||||||||
Other items | — | — | (198 | ) | — | (198 | ) | |||||||||||||
Total | (171 | ) | (2,776 | ) | (931 | ) | — | (3,878 | ) | |||||||||||
For the year ended December 31, 2008 (M€) | Upstream | Downstream | Chemicals | Corporate | Total | |||||||||||||||
Inventory valuation effect | — | (1,949 | ) | (503 | ) | — | (2,452 | ) | ||||||||||||
TOTAL’s equity share of adjustments related toSanofi-Aventis | — | — | — | (393 | ) | (393 | ) | |||||||||||||
Restructuring charges | — | (47 | ) | (22 | ) | — | (69 | ) | ||||||||||||
Asset impairment charges | (172 | ) | (26 | ) | (7 | ) | — | (205 | ) | |||||||||||
Gains (losses) on disposals of assets | 130 | — | — | 84 | 214 | |||||||||||||||
Other items | (236 | ) | — | (151 | ) | (38 | ) | (425 | ) | |||||||||||
Total | (278 | ) | (2,022 | ) | (683 | ) | (347 | ) | (3,330 | ) | ||||||||||
D) | ADDITIONAL INFORMATION ON IMPAIRMENTS |
• | The recoverable amount of CGUs has been based on their value in use, as defined in Note 1 paragraph L to the Consolidated Financial Statements “Impairment of long-lived assets”; |
• | Future cash flows have been determined with the assumptions in the long-term plan of the Group. These assumptions (including future prices of products, supply and demand for products, future production volumes) represent the best estimate by management of the Group of all economic conditions during the remaining life of assets; |
• | Future cash flows, based on the long-term plan, are prepared over a period consistent with the life of the assets within the CGU. They are prepared post-tax and include specific risks attached to CGU assets. They are discounted using a 8% post-tax discount rate, this rate being a weighted-average capital cost estimated from historical market data. This rate has been applied consistently for the years ending in 2008, 2009 and 2010; |
• | Value in use calculated by discounting the above post-tax cash flows using a 8% post-tax discount rate is not materially different from value in use calculated by discounting pre-tax cash flows using a pre-tax discount rate determined by an iterative computation from the post-tax value in use. These pre-tax discount rates are in a range from 9% to 12% in 2010. |
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5) | INFORMATION BY GEOGRAPHICAL AREA |
Rest of | North | Rest of | ||||||||||||||||||||||
(M€) | France | Europe | America | Africa | the world | Total | ||||||||||||||||||
For the year ended December 31, 2010 | ||||||||||||||||||||||||
Non-Group sales | 36,820 | 72,636 | 12,432 | 12,561 | 24,820 | 159,269 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net | 5,666 | 14,568 | 9,584 | 20,166 | 13,897 | 63,881 | ||||||||||||||||||
Capital expenditures | 1,062 | 2,629 | 3,626 | 4,855 | 4,101 | 16,273 | ||||||||||||||||||
For the year ended December 31, 2009 | ||||||||||||||||||||||||
Non-Group sales | 32,437 | 60,140 | 9,515 | 9,808 | 19,427 | 131,327 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net | 6,973 | 15,218 | 8,112 | 17,312 | 11,489 | 59,104 | ||||||||||||||||||
Capital expenditures | 1,189 | 2,502 | 1,739 | 4,651 | 3,268 | 13,349 | ||||||||||||||||||
For the year ended December 31, 2008 | ||||||||||||||||||||||||
Non-Group sales | 43,616 | 82,761 | 14,002 | 12,482 | 27,115 | 179,976 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net | 7,260 | 13,485 | 5,182 | 15,460 | 10,096 | 51,483 | ||||||||||||||||||
Capital expenditures | 1,997 | 2,962 | 1,255 | 4,500 | 2,926 | 13,640 | ||||||||||||||||||
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6) | OPERATING EXPENSES |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Purchases, net of inventory variation(a) | (93,171 | ) | (71,058 | ) | (111,024 | ) | ||||||
Exploration costs | (864 | ) | (698 | ) | (764 | ) | ||||||
Other operating expenses(b) | (19,135 | ) | (18,591 | ) | (19,101 | ) | ||||||
of which non-current operating liabilities (allowances) reversals | 387 | 515 | 459 | |||||||||
of which current operating liabilities (allowances) reversals | (101 | ) | (43 | ) | (29 | ) | ||||||
Operating expenses | (113,170 | ) | (90,347 | ) | (130,889 | ) | ||||||
(a) | Includes taxes paid on oil and gas production in the Upstream segment, namely royalties. | |
(b) | Principally composed of production and administrative costs (see in particular the payroll costs as detailed in Note 26 to the Consolidated Financial Statements “Payroll and staff”). |
7) | OTHER INCOME AND OTHER EXPENSE |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Gains (losses) on disposal of assets | 1,117 | 200 | 257 | |||||||||
Foreign exchange gains | — | — | 112 | |||||||||
Other | 279 | 114 | — | |||||||||
Other income | 1,396 | 314 | 369 | |||||||||
Foreign exchange losses | — | (32 | ) | — | ||||||||
Amortization of other intangible assets (excl. mineral interests) | (267 | ) | (142 | ) | (162 | ) | ||||||
Other | (633 | ) | (426 | ) | (392 | ) | ||||||
Other expense | (900 | ) | (600 | ) | (554 | ) | ||||||
• | €107 million of restructuring charges in the Upstream, Downstream and Chemicals segments; and |
• | €48 million of changes in provisions related to various antitrust investigations as described in Note 32 to the Consolidated Financial Statements “Other risks and contingent liabilities”. |
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8) | OTHER FINANCIAL INCOME AND EXPENSE |
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Dividend income on non-consolidated subsidiaries | 255 | 210 | 238 | |||||||||
Capitalized financial expenses | 113 | 117 | 271 | |||||||||
Other | 74 | 316 | 219 | |||||||||
Other financial income | 442 | 643 | 728 | |||||||||
Accretion of asset retirement obligations | (338 | ) | (283 | ) | (229 | ) | ||||||
Other | (69 | ) | (62 | ) | (96 | ) | ||||||
Other financial expense | (407 | ) | (345 | ) | (325 | ) | ||||||
9) | INCOME TAXES |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Current income taxes | (9,934 | ) | (7,213 | ) | (14,117 | ) | ||||||
Deferred income taxes | (294 | ) | (538 | ) | (29 | ) | ||||||
Total income taxes | (10,228 | ) | (7,751 | ) | (14,146 | ) | ||||||
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Net operating losses and tax carry forwards | 1,145 | 1,114 | 1,031 | |||||||||
Employee benefits | 535 | 517 | 519 | |||||||||
Other temporary non-deductible provisions | 2,757 | 2,184 | 2,075 | |||||||||
Gross deferred tax assets | 4,437 | 3,815 | 3,625 | |||||||||
Valuation allowance | (576 | ) | (484 | ) | (475 | ) | ||||||
Net deferred tax assets | 3,861 | 3,331 | 3,150 | |||||||||
Excess tax over book depreciation | (10,966 | ) | (9,791 | ) | (8,836 | ) | ||||||
Other temporary tax deductions | (1,339 | ) | (1,179 | ) | (1,171 | ) | ||||||
Gross deferred tax liability | (12,305 | ) | (10,970 | ) | (10,007 | ) | ||||||
Net deferred tax liability | (8,444 | ) | (7,639 | ) | (6,857 | ) | ||||||
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As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Deferred tax assets, non-current (note 14) | 1,378 | 1,164 | 1,010 | |||||||||
Deferred tax assets, current (note 16) | 151 | 214 | 206 | |||||||||
Deferred tax liabilities, non-current | (9,947 | ) | (8,948 | ) | (7,973 | ) | ||||||
Deferred tax liabilities, current | (26 | ) | (69 | ) | (100 | ) | ||||||
Net amount | (8,444 | ) | (7,639 | ) | (6,857 | ) | ||||||
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Opening balance | (7,639 | ) | (6,857 | ) | (7,251 | ) | ||||||
Deferred tax on income | (294 | ) | (538 | ) | (29 | ) | ||||||
Deferred tax on shareholders’ equity(a) | 28 | (38 | ) | 30 | ||||||||
Changes in scope of consolidation | (59 | ) | (1 | ) | (1 | ) | ||||||
Currency translation adjustment | (480 | ) | (205 | ) | 394 | |||||||
Closing balance | (8,444 | ) | (7,639 | ) | (6,857 | ) | ||||||
(a) | This amount includes mainly current income taxes and deferred taxes for changes in fair value of listed securities classified as financial assets available for sale as well as deferred taxes related to the cash flow hedge (see Note 17 to the Consolidated Financial Statements). |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Consolidated net income | 10,807 | 8,629 | 10,953 | |||||||||
Provision for income taxes | 10,228 | 7,751 | 14,146 | |||||||||
Pre-tax income | 21,035 | 16,380 | 25,099 | |||||||||
French statutory tax rate | 34.43% | 34.43% | 34.43% | |||||||||
Theoretical tax charge | (7,242 | ) | (5,640 | ) | (8,642 | ) | ||||||
Difference between French and foreign income tax rates | (4,921 | ) | (3,214 | ) | (6,326 | ) | ||||||
Tax effect of equity in income (loss) of affiliates | 672 | 565 | 593 | |||||||||
Permanent differences | 1,375 | 597 | 315 | |||||||||
Adjustments on prior years income taxes | (45 | ) | (47 | ) | 12 | |||||||
Adjustments on deferred tax related to changes in tax rates | 2 | (1 | ) | (31 | ) | |||||||
Changes in valuation allowance of deferred tax assets | (65 | ) | (6 | ) | (63 | ) | ||||||
Other | (4 | ) | (5 | ) | (4 | ) | ||||||
Net provision for income taxes | (10,228 | ) | (7,751 | ) | (14,146 | ) | ||||||
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As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||||||||||||||
Basis | Tax | Basis | Tax | Basis | Tax | |||||||||||||||||||
2009 | — | — | — | — | 233 | 115 | ||||||||||||||||||
2010 | — | — | 258 | 126 | 167 | 79 | ||||||||||||||||||
2011 | 225 | 110 | 170 | 83 | 93 | 42 | ||||||||||||||||||
2012 | 177 | 80 | 121 | 52 | 61 | 19 | ||||||||||||||||||
2013(a) | 146 | 59 | 133 | 43 | 1,765 | 587 | ||||||||||||||||||
2014(b) | 1,807 | 602 | 1,804 | 599 | — | — | ||||||||||||||||||
2015 and after | 190 | 62 | — | — | — | — | ||||||||||||||||||
Unlimited | 774 | 232 | 661 | 211 | 560 | 189 | ||||||||||||||||||
Total | 3,319 | 1,145 | 3,147 | 1,114 | 2,879 | 1,031 | ||||||||||||||||||
(a) | Net operating losses and tax credit carryforwards in 2013 and after for 2008 | |
(b) | Net operating losses and tax credit carryforwards in 2014 and after for 2009 |
10) | INTANGIBLE ASSETS |
Amortization | ||||||||||||
and | ||||||||||||
As of December 31, 2010 (M€) | Cost | impairment | Net | |||||||||
Goodwill | 1,498 | (596 | ) | 902 | ||||||||
Proved and unproved mineral interests | 10,099 | (2,712 | ) | 7,387 | ||||||||
Other intangible assets | 2,803 | (2,175 | ) | 628 | ||||||||
Total intangible assets | 14,400 | (5,483 | ) | 8,917 | ||||||||
Amortization | ||||||||||||
and | ||||||||||||
As of December 31, 2009 (M€) | Cost | impairment | Net | |||||||||
Goodwill | 1,776 | (614 | ) | 1,162 | ||||||||
Proved and unproved mineral interests | 8,204 | (2,421 | ) | 5,783 | ||||||||
Other intangible assets | 2,712 | (2,143 | ) | 569 | ||||||||
Total intangible assets | 12,692 | (5,178 | ) | 7,514 | ||||||||
Amortization | ||||||||||||
and | ||||||||||||
As of December 31, 2008 (M€) | Cost | impairment | Net | |||||||||
Goodwill | 1,690 | (616 | ) | 1,074 | ||||||||
Proved and unproved mineral interests | 6,010 | (2,268 | ) | 3,742 | ||||||||
Other intangible assets | 2,519 | (1,994 | ) | 525 | ||||||||
Total intangible assets | 10,219 | (4,878 | ) | 5,341 | ||||||||
Amortization | Currency | |||||||||||||||||||||||||||
Net amount as of | and | translation | Net amount as of | |||||||||||||||||||||||||
(M€) | January 1, | Acquisitions | Disposals | impairment | adjustment | Other | December 31, | |||||||||||||||||||||
2010 | 7,514 | 2,466 | (62 | ) | (553 | ) | 491 | (939 | ) | 8,917 | ||||||||||||||||||
2009 | 5,341 | 629 | (64 | ) | (345 | ) | 2 | 1,951 | 7,514 | |||||||||||||||||||
2008 | 4,650 | 404 | (3 | ) | (259 | ) | (93 | ) | 642 | 5,341 | ||||||||||||||||||
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Table of Contents
Net goodwill as of | Net goodwill as of | |||||||||||||||||||
(M€) | January 1, 2010 | Increases | Impairments | Other | December 31, 2010 | |||||||||||||||
Upstream | 78 | — | — | — | 78 | |||||||||||||||
Downstream | 202 | 22 | (88 | ) | (54 | ) | 82 | |||||||||||||
Chemicals | 857 | — | — | (140 | ) | 717 | ||||||||||||||
Corporate | 25 | — | — | — | 25 | |||||||||||||||
Total | 1,162 | 22 | (88 | ) | (194 | ) | 902 | |||||||||||||
11) | PROPERTY, PLANT AND EQUIPMENT |
Depreciation | ||||||||||||
and | ||||||||||||
As of December 31, 2010 (M€) | Cost | impairment | Net | |||||||||
Upstream properties | ||||||||||||
Proved properties | 77,183 | (50,582 | ) | 26,601 | ||||||||
Unproved properties | 347 | (1 | ) | 346 | ||||||||
Work in progress | 14,712 | (37 | ) | 14,675 | ||||||||
Subtotal | 92,242 | (50,620 | ) | 41,622 | ||||||||
Other property, plant and equipment | ||||||||||||
Land | 1,304 | (393 | ) | 911 | ||||||||
Machinery, plant and equipment (including transportation equipment) | 23,831 | (17,010 | ) | 6,821 | ||||||||
Buildings | 6,029 | (3,758 | ) | 2,271 | ||||||||
Work in progress | 2,350 | (488 | ) | 1,862 | ||||||||
Other | 6,164 | (4,687 | ) | 1,477 | ||||||||
Subtotal | 39,678 | (26,336 | ) | 13,342 | ||||||||
Total property, plant and equipment | 131,920 | (76,956 | ) | 54,964 | ||||||||
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Table of Contents
Depreciation | ||||||||||||
and | ||||||||||||
As of December 31, 2009 (M€) | Cost | impairment | Net | |||||||||
Upstream properties | ||||||||||||
Proved properties | 71,082 | (44,718 | ) | 26,364 | ||||||||
Unproved properties | 182 | (1 | ) | 181 | ||||||||
Work in progress | 10,351 | (51 | ) | 10,300 | ||||||||
Subtotal | 81,615 | (44,770 | ) | 36,845 | ||||||||
Other property, plant and equipment | ||||||||||||
Land | 1,458 | (435 | ) | 1,023 | ||||||||
Machinery, plant and equipment (including transportation equipment) | 22,927 | (15,900 | ) | 7,027 | ||||||||
Buildings | 6,142 | (3,707 | ) | 2,435 | ||||||||
Work in progress | 2,774 | (155 | ) | 2,619 | ||||||||
Other | 6,506 | (4,865 | ) | 1,641 | ||||||||
Subtotal | 39,807 | (25,062 | ) | 14,745 | ||||||||
Total property, plant and equipment | 121,422 | (69,832 | ) | 51,590 |
Depreciation | ||||||||||||
and | ||||||||||||
As of December 31, 2008 (M€) | Cost | impairment | Net | |||||||||
Upstream properties | ||||||||||||
Proved properties | 61,727 | (39,315 | ) | 22,412 | ||||||||
Unproved properties | 106 | (1 | ) | 105 | ||||||||
Work in progress | 9,586 | — | 9,586 | |||||||||
Subtotal | 71,419 | (39,316 | ) | 32,103 | ||||||||
Other property, plant and equipment | ||||||||||||
Land | 1,446 | (429 | ) | 1,017 | ||||||||
Machinery, plant and equipment (including transportation equipment) | 21,734 | (14,857 | ) | 6,877 | ||||||||
Buildings | 5,739 | (3,441 | ) | 2,298 | ||||||||
Work in progress | 2,226 | (10 | ) | 2,216 | ||||||||
Other | 6,258 | (4,627 | ) | 1,631 | ||||||||
Subtotal | 37,403 | (23,364 | ) | 14,039 | ||||||||
Total property, plant and equipment | 108,822 | (62,680 | ) | 46,142 | ||||||||
Net amount | Depreciation | Currency | Net amount | |||||||||||||||||||||||||
as of | and | translation | as of | |||||||||||||||||||||||||
(M€) | January 1, | Acquisitions | Disposals | impairment | adjustment | Other | December 31, | |||||||||||||||||||||
2010 | 51,590 | 11,346 | (1,269 | ) | (8,564 | ) | 2,974 | (1,113 | ) | 54,964 | ||||||||||||||||||
2009 | 46,142 | 11,212 | (65 | ) | (6,765 | ) | 397 | 669 | 51,590 | |||||||||||||||||||
2008 | 41,467 | 11,442 | (102 | ) | (5,941 | ) | (1,151 | ) | 427 | 46,142 |
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Depreciation | ||||||||||||
and | ||||||||||||
As of December 31, 2010 (M€) | Cost | impairment | Net | |||||||||
Machinery, plant and equipment | 480 | (332 | ) | 148 | ||||||||
Buildings | 54 | (24 | ) | 30 | ||||||||
Other | — | — | — | |||||||||
Total | 534 | (356 | ) | 178 | ||||||||
Depreciation | ||||||||||||
and | ||||||||||||
As of December 31, 2009 (M€) | Cost | impairment | Net | |||||||||
Machinery, plant and equipment | 548 | (343 | ) | 205 | ||||||||
Buildings | 60 | (30 | ) | 30 | ||||||||
Other | — | — | — | |||||||||
Total | 608 | (373 | ) | 235 | ||||||||
Depreciation | ||||||||||||
and | ||||||||||||
As of December 31, 2008 (M€) | Cost | impairment | Net | |||||||||
Machinery, plant and equipment | 558 | (316 | ) | 242 | ||||||||
Buildings | 35 | (28 | ) | 7 | ||||||||
Other | — | — | — | |||||||||
Total | 593 | (344 | ) | 249 | ||||||||
12) | EQUITY AFFILIATES: INVESTMENTS AND LOANS |
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Equity value (M€) | As of December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2009 | 2008 | |||||||||||||||||||
% owned | equity value | |||||||||||||||||||||||
NLNG | 15.00 | % | 15.00 | % | 15.00 | % | 1,108 | 1,136 | 1,135 | |||||||||||||||
PetroCedeño — EM | 30.32 | % | 30.32 | % | 30.32 | % | 1,136 | 874 | 760 | |||||||||||||||
CEPSA (Upstream share) | 48.83 | % | 48.83 | % | 48.83 | % | 340 | 385 | 403 | |||||||||||||||
Angola LNG Ltd. | 13.60 | % | 13.60 | % | 13.60 | % | 710 | 490 | 326 | |||||||||||||||
Qatargas | 10.00 | % | 10.00 | % | 10.00 | % | 85 | 83 | 251 | |||||||||||||||
Société du Terminal Méthanier de Fos Cavaou | 28.03 | % | 28.79 | % | 30.30 | % | 125 | 124 | 114 | |||||||||||||||
Dolphin Energy Ltd (Del) Abu Dhabi | 24.50 | % | 24.50 | % | 24.50 | % | 172 | 118 | 85 | |||||||||||||||
Qatar Liquefied Gas Company Limited II (Train B) | 16.70 | % | 16.70 | % | 16.70 | % | 184 | 143 | 82 | |||||||||||||||
Shtokman Development AG(a) | 25.00 | % | 25.00 | % | 25.00 | % | 214 | 162 | 35 | |||||||||||||||
AMYRIS(b) | 22.03 | % | — | — | 101 | — | — | |||||||||||||||||
Other | — | — | — | 749 | 745 | 700 | ||||||||||||||||||
Total associates | 4,924 | 4,260 | 3,891 | |||||||||||||||||||||
Other | — | — | — | 78 | — | — | ||||||||||||||||||
Total jointly-controlled entities | 78 | — | — | |||||||||||||||||||||
Total Upstream | 5,002 | 4,260 | 3,891 | |||||||||||||||||||||
CEPSA (Downstream share) | 48.83 | % | 48.83 | % | 48.83 | % | 2,151 | 1,927 | 1,810 | |||||||||||||||
Saudi Aramco Total Refining & Petrochemicals (Downstream share)(a) | 37.50 | % | 37.50 | % | 37.50 | % | 47 | 60 | 75 | |||||||||||||||
Wepec | 22.41 | % | 22.41 | % | 22.41 | % | — | — | — | |||||||||||||||
Other | — | — | — | 159 | 123 | 73 | ||||||||||||||||||
Total associates | 2,357 | 2,110 | 1,958 | |||||||||||||||||||||
SARA(d) | 50.00 | % | — | — | 134 | — | — | |||||||||||||||||
TotalErg(b) | 49.00 | % | — | — | 289 | — | — | |||||||||||||||||
Other | — | — | — | 2 | — | — | ||||||||||||||||||
Total jointly-controlled entities | 425 | — | — | |||||||||||||||||||||
Total Downstream | 2,782 | 2,110 | 1,958 | |||||||||||||||||||||
CEPSA (Chemicals share) | 48.83 | % | 48.83 | % | 48.83 | % | 411 | 396 | 424 | |||||||||||||||
Qatar Petrochemical Company Ltd. | 20.00 | % | 20.00 | % | 20.00 | % | 221 | 205 | 192 | |||||||||||||||
Saudi Aramco Total Refining & Petrochemicals (Chemicals share)(a) | 37.50 | % | 37.50 | % | 37.50 | % | 4 | 5 | 6 | |||||||||||||||
Other | — | — | — | 68 | 46 | 55 | ||||||||||||||||||
Total associates | 704 | 652 | 677 | |||||||||||||||||||||
Samsung Total Petrochemicals(d) | 50.00 | % | — | — | 645 | — | — | |||||||||||||||||
Total jointly-controlled entities | 645 | — | — | |||||||||||||||||||||
Total Chemicals | 1,349 | 652 | 677 | |||||||||||||||||||||
Sanofi-Aventis(c) | — | 7.39 | % | 11.38 | % | — | 4,235 | 6,137 | ||||||||||||||||
Total associates | — | 4,235 | 6,137 | |||||||||||||||||||||
Total jointly-controlled entities | — | — | — | |||||||||||||||||||||
Total Corporate | — | 4,235 | 6,137 | |||||||||||||||||||||
Total investments | 9,133 | 11,257 | 12,663 | |||||||||||||||||||||
Loans | 2,383 | 2,367 | 2,005 | |||||||||||||||||||||
Total investments and loans | 11,516 | 13,624 | 14,668 | |||||||||||||||||||||
(a) | Investment accounted for by the equity method as from 2008. | |
(b) | Investment accounted for by the equity method as from 2010. |
(c) | End of the accounting for by the equity method of Sanofi-Aventis as of July 1st, 2010 (see Note 3 to the Consolidated Financial Statements). |
(d) | Change in the consolidation method as of January 1st, 2010. |
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Equity in income (loss) (M€) | As of December 31, | For the year ended December 31, | ||||||||||||||||||||||
2010 | 2009 | 2008 | 2010 | 2009 | 2008 | |||||||||||||||||||
% owned | equity in income (loss) | |||||||||||||||||||||||
NLNG | 15.00 | % | 15.00 | % | 15.00 | % | 207 | 227 | 554 | |||||||||||||||
PetroCedeño — EM | 30.32 | % | 30.32 | % | 30.32 | % | 195 | 166 | 193 | |||||||||||||||
CEPSA (Upstream share) | 48.83 | % | 48.83 | % | 48.83 | % | 57 | 23 | 50 | |||||||||||||||
Angola LNG Ltd. | 13.60 | % | 13.60 | % | 13.60 | % | 8 | 9 | 10 | |||||||||||||||
Qatargas | 10.00 | % | 10.00 | % | 10.00 | % | 136 | 114 | 126 | |||||||||||||||
Société du Terminal Méthanier de Fos Cavaou | 28.03 | % | 28.79 | % | 30.30 | % | — | — | (5 | ) | ||||||||||||||
Dolphin Energy Ltd (Del) Abu Dhabi | 24.50 | % | 24.50 | % | 24.50 | % | 121 | 94 | 83 | |||||||||||||||
Qatar Liquefied Gas Company Limited II (Train B) | 16.70 | % | 16.70 | % | 16.70 | % | 288 | 8 | (11 | ) | ||||||||||||||
Shtokman Development AG(a) | 25.00 | % | 25.00 | % | 25.00 | % | (5 | ) | 4 | — | ||||||||||||||
AMYRIS(b) | 22.03 | % | — | — | (3 | ) | ||||||||||||||||||
Other | — | — | — | 177 | 214 | 178 | ||||||||||||||||||
Total associates | 1,181 | 859 | 1,178 | |||||||||||||||||||||
Other | — | — | — | 6 | — | — | ||||||||||||||||||
Total jointly-controlled entities | 6 | — | — | |||||||||||||||||||||
Total Upstream | 1,187 | 859 | 1,178 | |||||||||||||||||||||
CEPSA (Downstream share) | 48.83 | % | 48.83 | % | 48.83 | % | 172 | 149 | 76 | |||||||||||||||
Saudi Aramco Total Refining & Petrochemicals (Downstream share)(a) | 37.50 | % | 37.50 | % | 37.50 | % | (19 | ) | (12 | ) | — | |||||||||||||
Wepec | 22.41 | % | 22.41 | % | 22.41 | % | 29 | — | (110 | ) | ||||||||||||||
Other | — | — | — | 47 | 81 | (13 | ) | |||||||||||||||||
Total associates | 229 | 218 | (47 | ) | ||||||||||||||||||||
SARA(d) | 50.00 | % | — | — | 31 | — | — | |||||||||||||||||
TotalErg(b) | 49.00 | % | — | — | (11 | ) | — | — | ||||||||||||||||
Other | — | — | — | 2 | — | — | ||||||||||||||||||
Total jointly-controlled entities | 22 | — | — | |||||||||||||||||||||
Total Downstream | 251 | 218 | (47 | ) | ||||||||||||||||||||
CEPSA (Chemicals share) | 48.83 | % | 48.83 | % | 48.83 | % | 78 | 10 | 10 | |||||||||||||||
Qatar Petrochemical Company Ltd. | 20.00 | % | 20.00 | % | 20.00 | % | 84 | 74 | 66 | |||||||||||||||
Saudi Aramco Total Refining & Petrochemicals (Chemicals share)(a) | 37.50 | % | 37.50 | % | 37.50 | % | (1 | ) | (1 | ) | — | |||||||||||||
Other | — | — | — | 41 | (4 | ) | (1 | ) | ||||||||||||||||
Total associates | 202 | 79 | 75 | |||||||||||||||||||||
Samsung Total Petrochemicals(d) | 50.00 | % | — | — | 104 | — | — | |||||||||||||||||
Total jointly-controlled entities | 104 | — | — | |||||||||||||||||||||
Total Chemicals | 306 | 79 | 75 | |||||||||||||||||||||
Sanofi-Aventis(c) | — | 7.39 | % | 11.38 | % | 209 | 486 | 515 | ||||||||||||||||
Total associates | 209 | 486 | 515 | |||||||||||||||||||||
Total jointly-controlled entities | — | — | — | |||||||||||||||||||||
Total Corporate | 209 | 486 | 515 | |||||||||||||||||||||
Total investments | 1,953 | 1,642 | 1,721 | |||||||||||||||||||||
(a) | Investment accounted for by the equity method as from 2008. | |
(b) | Investment accounted for by the equity method as from 2010. | |
(c) | End of the accounting for by the equity method of Sanofi-Aventis as of July 1st, 2010 (see Note 3 to the Consolidated Financial Statements). | |
(d) | Change in the consolidation method as of January 1st, 2010. |
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2010 | 2009 | 2008 | ||||||||||||||||||||||
Jointly- | Jointly- | Jointly- | ||||||||||||||||||||||
controlled | controlled | controlled | ||||||||||||||||||||||
As of December 31, (M€) | Associates | entities | Associates | entities | Associates | entities | ||||||||||||||||||
Assets | 19,192 | 2,770 | 22,681 | — | 23,173 | — | ||||||||||||||||||
Shareholders’ equity | 7,985 | 1,148 | 11,257 | — | 12,663 | — | ||||||||||||||||||
Liabilities | 11,207 | 1,622 | 11,424 | — | 10,510 | — | ||||||||||||||||||
2010 | 2009 | 2008 | ||||||||||||||||||||||
Jointly- | Jointly- | Jointly- | ||||||||||||||||||||||
controlled | controlled | controlled | ||||||||||||||||||||||
For the year ended December 31, (M€) | Associates | entities | Associates | entities | Associates | entities | ||||||||||||||||||
Revenues from sales | 16,529 | 2,575 | 14,434 | — | 19,982 | — | ||||||||||||||||||
Pre-tax income | 2,389 | 166 | 2,168 | — | 2,412 | — | ||||||||||||||||||
Income tax | (568 | ) | (34 | ) | (526 | ) | — | (691 | ) | — | ||||||||||||||
Net income | 1,821 | 132 | 1,642 | 1,721 | ||||||||||||||||||||
13) | OTHER INVESTMENTS |
Carrying | Unrealized gain | Balance | ||||||||||
As of December 31, 2010 (M€) | amount | (loss) | sheet value | |||||||||
Sanofi-Aventis(a) | 3,510 | (56 | ) | 3,454 | ||||||||
Areva(b) | 69 | 63 | 132 | |||||||||
Arkema | — | — | — | |||||||||
Chicago Mercantile Exchange Group(c) | 1 | 9 | 10 | |||||||||
Olympia Energy Fund — energy investment fund(d) | 37 | (3 | ) | 34 | ||||||||
Other publicly traded equity securities | 2 | (1 | ) | 1 | ||||||||
Total publicly traded equity securities(e) | 3,619 | 12 | 3,631 | |||||||||
BBPP | 60 | — | 60 | |||||||||
BTC Limited | 141 | — | 141 | |||||||||
Other equity securities | 758 | — | 758 | |||||||||
Total other equity securities(e) | 959 | — | 959 | |||||||||
Other investments | 4,578 | 12 | 4,590 | |||||||||
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Carrying | Unrealized gain, | Balance | ||||||||||
As of December 31, 2009 (M€) | amount | (loss) | sheet value | |||||||||
Areva(b) | 69 | 58 | 127 | |||||||||
Arkema | 15 | 47 | 62 | |||||||||
Chicago Mercantile Exchange Group(c) | 1 | 9 | 10 | |||||||||
Olympia Energy Fund — energy investment fund(d) | 35 | (2 | ) | 33 | ||||||||
Other publicly traded equity securities | — | — | — | |||||||||
Total publicly traded equity securities(e) | 120 | 112 | 232 | |||||||||
BBPP | 72 | — | 72 | |||||||||
BTC Limited | 144 | — | 144 | |||||||||
Other equity securities | 714 | — | 714 | |||||||||
Total other equity securities(e) | 930 | — | 930 | |||||||||
Other investments | 1,050 | 112 | 1,162 | |||||||||
Carrying | Unrealized gain | Balance | ||||||||||
As of December 31, 2008 (M€) | amount | (loss) | sheet value | |||||||||
Areva(b) | 69 | 59 | 128 | |||||||||
Arkema | 16 | 15 | 31 | |||||||||
Chicago Mercantile Exchange Group(c) | 1 | 5 | 6 | |||||||||
Olympia Energy Fund — energy investment fund(d) | 36 | (5 | ) | 31 | ||||||||
Other publicly traded equity securities | — | — | — | |||||||||
Total publicly traded equity securities(e) | 122 | 74 | 196 | |||||||||
BBPP | 75 | — | 75 | |||||||||
BTC Limited | 161 | — | 161 | |||||||||
Other equity securities | 733 | — | 733 | |||||||||
Total other equity securities(e) | 969 | — | 969 | |||||||||
Other investments | 1,091 | 74 | 1,165 | |||||||||
(a) | End of the accounting for by the equity method of Sanofi-Aventis as of July 1st, 2010 (see Note 3 to the Consolidated Financial Statements). |
(b) | Unrealized gain based on the investment certificate. | |
(c) | The Nymex Holdings Inc. securities have been traded during the acquisition process running from June 11 to August 22, 2008 through which Chicago Mercantile Exchange Group acquired all the Nymex Holdings Inc. securities. | |
(d) | Securities acquired in 2008. | |
(e) | Including cumulative impairments of €597 million in 2010, €599 million in 2009 and €608 million in 2008. |
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14) | OTHER NON-CURRENT ASSETS |
Gross | Valuation | Net | ||||||||||
As of December 31, 2010 (M€) | value | allowance | value | |||||||||
Deferred income tax assets | 1,378 | — | 1,378 | |||||||||
Loans and advances(a) | 2,060 | (464 | ) | 1,596 | ||||||||
Other | 681 | — | 681 | |||||||||
Total | 4,119 | (464 | ) | 3,655 | ||||||||
Gross | Valuation | Net | ||||||||||
As of December 31, 2009 (M€) | value | allowance | value | |||||||||
Deferred income tax assets | 1,164 | — | 1,164 | |||||||||
Loans and advances(a) | 1,871 | (587 | ) | 1,284 | ||||||||
Other | 633 | — | 633 | |||||||||
Total | 3,668 | (587 | ) | 3,081 | ||||||||
Gross | Valuation | Net | ||||||||||
As of December 31, 2008 (M€) | value | allowance | value | |||||||||
Deferred income tax assets | 1,010 | — | 1,010 | |||||||||
Loans and advances(a) | 1,932 | (529 | ) | 1,403 | ||||||||
Other | 631 | — | 631 | |||||||||
Total | 3,573 | (529 | ) | 3,044 | ||||||||
(a) | Excluding loans to equity affiliates. |
Currency | ||||||||||||||||||||
Valuation | translation | Valuation | ||||||||||||||||||
allowance as of | adjustment and | allowance as of | ||||||||||||||||||
For the Year Ended December 31, (M€) | January 1, | Increases | Decreases | other variations | December 31, | |||||||||||||||
2010 | (587 | ) | (33 | ) | 220 | (64 | ) | (464 | ) | |||||||||||
2009 | (529 | ) | (19 | ) | 29 | (68 | ) | (587 | ) | |||||||||||
2008 | (527 | ) | (33 | ) | 52 | (21 | ) | (529 | ) |
15) | INVENTORIES |
Gross | Valuation | Net | ||||||||||
As of December 31, 2010 (M€) | value | allowance | value | |||||||||
Crude oil and natural gas | 4,990 | — | 4,990 | |||||||||
Refined products | 7,794 | (28 | ) | 7,766 | ||||||||
Chemicals products | 1,350 | (99 | ) | 1,251 | ||||||||
Other inventories | 1,911 | (318 | ) | 1,593 | ||||||||
Total | 16,045 | (445 | ) | 15,600 | ||||||||
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Gross | Valuation | Net | ||||||||||
As of December 31, 2009 (M€) | value | allowance | value | |||||||||
Crude oil and natural gas | 4,581 | — | 4,581 | |||||||||
Refined products | 6,647 | (18 | ) | 6,629 | ||||||||
Chemicals products | 1,234 | (113 | ) | 1,121 | ||||||||
Other inventories | 1,822 | (286 | ) | 1,536 | ||||||||
Total | 14,284 | (417 | ) | 13,867 | ||||||||
Gross | Valuation | Net | ||||||||||
As of December 31, 2008 (M€) | value | allowance | value | |||||||||
Crude oil and natural gas | 2,772 | (326 | ) | 2,446 | ||||||||
Refined products | 4,954 | (416 | ) | 4,538 | ||||||||
Chemicals products | 1,419 | (105 | ) | 1,314 | ||||||||
Other inventories | 1,591 | (268 | ) | 1,323 | ||||||||
Total | 10,736 | (1,115 | ) | 9,621 | ||||||||
Currency | ||||||||||||||||
translation | Valuation | |||||||||||||||
Valuation | adjustment | allowance | ||||||||||||||
allowance as of | Increase | and other | as of | |||||||||||||
For the year ended December 31, (M€) | January 1, | (net) | variations | December 31, | ||||||||||||
2010 | (417 | ) | (39 | ) | 11 | (445 | ) | |||||||||
2009 | (1,115 | ) | 700 | (2 | ) | (417 | ) | |||||||||
2008 | (325 | ) | (740 | ) | (50 | ) | (1,115 | ) |
16) | ACCOUNTS RECEIVABLE AND OTHER CURRENT ASSETS |
Gross | Valuation | Net | ||||||||||
As of December 31, 2010 (M€) | value | allowance | value | |||||||||
Accounts receivable | 18,635 | (476 | ) | 18,159 | ||||||||
Recoverable taxes | 2,227 | — | 2,227 | |||||||||
Other operating receivables | 4,543 | (136 | ) | 4,407 | ||||||||
Deferred income tax | 151 | — | 151 | |||||||||
Prepaid expenses | 657 | — | 657 | |||||||||
Other current assets | 41 | — | 41 | |||||||||
Other current assets | 7,619 | (136 | ) | 7,483 | ||||||||
Gross | Valuation | Net | ||||||||||
As of December 31, 2009 (M€) | value | allowance | value | |||||||||
Accounts receivable | 16,187 | (468 | ) | 15,719 | ||||||||
Recoverable taxes | 2,156 | — | 2,156 | |||||||||
Other operating receivables | 5,214 | (69 | ) | 5,145 | ||||||||
Deferred income tax | 214 | — | 214 | |||||||||
Prepaid expenses | 638 | — | 638 | |||||||||
Other current assets | 45 | — | 45 | |||||||||
Other current assets | 8,267 | (69 | ) | 8,198 | ||||||||
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Gross | Valuation | Net | ||||||||||
As of December 31, 2008 (M€) | value | allowance | value | |||||||||
Accounts receivable | 15,747 | (460 | ) | 15,287 | ||||||||
Recoverable taxes | 2,510 | — | 2,510 | |||||||||
Other operating receivables | 6,227 | (19 | ) | 6,208 | ||||||||
Deferred income tax | 206 | — | 206 | |||||||||
Prepaid expenses | 650 | — | 650 | |||||||||
Other current assets | 68 | — | 68 | |||||||||
Other current assets | 9,661 | (19 | ) | 9,642 | ||||||||
Valuation | Currency translation | Valuation | ||||||||||||||
allowance as of | adjustments and | allowance as of | ||||||||||||||
(M€) | January 1, | Increase (net) | other variations | December 31, | ||||||||||||
Accounts receivable | ||||||||||||||||
2010 | (468 | ) | (31 | ) | 23 | (476 | ) | |||||||||
2009 | (460 | ) | (17 | ) | 9 | (468 | ) | |||||||||
2008 | (482 | ) | 9 | 13 | (460 | ) | ||||||||||
Other current assets | ||||||||||||||||
2010 | (69 | ) | (66 | ) | (1 | ) | (136 | ) | ||||||||
2009 | (19 | ) | (14 | ) | (36 | ) | (69 | ) | ||||||||
2008 | (27 | ) | 7 | 1 | (19 | ) |
17) | SHAREHOLDERS’ EQUITY |
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As of January 1, 2008 | 2,395,532,097 | |||||
Shares issued in connection with: | Capital increase reserved for employees | 4,870,386 | ||||
Exercise of TOTAL share subscription options | 1,178,167 | |||||
Exchange guarantee offered to the beneficiaries of Elf Aquitaine share subscription options | 227,424 | |||||
Cancellation of shares(a) | (30,000,000 | ) | ||||
As of January 1, 2009 | 2,371,808,074 | |||||
Shares issued in connection with: | Exercise of TOTAL share subscription options | 934,780 | ||||
Exchange guarantee offered to the beneficiaries of Elf Aquitaine share subscription options | 480,030 | |||||
Cancellation of shares(b) | (24,800,000 | ) | ||||
As of January 1, 2010 | 2,348,422,884 | |||||
Shares issued in connection with: | Exercise of TOTAL share subscription options | 1,218,047 | ||||
As of December 31, 2010(c) | 2,349,640,931 | |||||
(a) | Decided by the Board of Directors on July 31, 2008. | |
(b) | Decided by the Board of Directors on July 30, 2009. | |
(c) | Including 112,487,679 treasury shares deducted from consolidated shareholders’ equity. |
2010 | 2009 | 2008 | ||||||||||
Number of shares as of January 1, | 2,348,422,884 | 2,371,808,074 | 2,395,532,097 | |||||||||
Number of shares issued during the year (pro rated) | ||||||||||||
Exercise of TOTAL share subscription options | 412,114 | 221,393 | 742,588 | |||||||||
Exercise of TOTAL share purchase options | 984,800 | 93,827 | 2,426,827 | |||||||||
Exchange guarantee offered to the beneficiaries of Elf Aquitaine share subscription options | — | 393,623 | 86,162 | |||||||||
TOTAL restricted shares | 416,420 | 1,164,389 | 1,112,393 | |||||||||
Global free TOTAL share plan(a) | 15 | — | — | |||||||||
Capital increase reserved for employees | — | — | 3,246,924 | |||||||||
TOTAL shares held by TOTAL S.A. or by its subsidiaries and deducted from shareholders’ equity | (115,407,190 | ) | (143,082,095 | ) | (168,290,440 | ) | ||||||
Weighted-average number of shares | 2,234,829,043 | 2,230,599,211 | 2,234,856,551 | |||||||||
Dilutive effect | ||||||||||||
TOTAL share subscription and purchase options | 1,758,006 | 1,711,961 | 6,784,200 | |||||||||
TOTAL restricted shares | 6,031,963 | 4,920,599 | 4,172,944 | |||||||||
Global free TOTAL share plan(a) | 1,504,071 | — | — | |||||||||
Exchange guarantee offered to the beneficiaries of Elf Aquitaine share subscription options | — | 60,428 | 460,935 | |||||||||
Capital increase reserved for employees | 371,493 | — | 383,912 | |||||||||
Weighted-average number of diluted shares | 2,244,494,576 | 2,237,292,199 | 2,246,658,542 | |||||||||
(a) | The Board of Directors approved on May 21, 2010 the implementation and conditions of a global free share plan intended for the Group employees. |
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• | 6,012,460 shares allocated to TOTAL restricted shares plans for Group employees; |
• | 6,143,951 shares intended to be allocated to new TOTAL share purchase option plans or to new restricted shares plans. |
• | 6,017,499 shares allocated to covering TOTAL share purchase option plans for Group employees and executive officers; |
• | 5,799,400 shares allocated to TOTAL restricted shares plans for Group employees; and |
• | 3,259,023 shares intended to be allocated to new TOTAL share purchase option plans or to new restricted shares plans. |
• | 12,627,522 shares allocated to covering TOTAL share purchase option plans for Group employees; |
• | 5,323,305 shares allocated to TOTAL restricted shares plans for Group employees; and |
• | 24,800,000 shares purchased for cancellation between January and October 2008 pursuant to the authorization granted by the shareholders’ meetings held on May 11, 2007 and May 16, 2008. The Board of Directors on July 30, 2009 decided to cancel these 24,800,000 shares acquired at an average price of €49.28 per share. |
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• | 2,023,672 shares held by a consolidated subsidiary, Total Nucléaire, 100% indirectly controlled by TOTAL S.A.; and |
• | 98,307,596 shares held by subsidiaries of Elf Aquitaine (Financière Valorgest, Sogapar and Fingestval). |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||||||||||||||
Currency translation adjustment | 2,231 | (244 | ) | (722 | ) | |||||||||||||||||||
– Unrealized gain/(loss) of the period | 2,234 | (243 | ) | (722 | ) | |||||||||||||||||||
– Less gain/(loss) included in net income | 3 | 1 | — | |||||||||||||||||||||
Available for sale financial assets | (100 | ) | 38 | (254 | ) | |||||||||||||||||||
– Unrealized gain/(loss) of the period | (50 | ) | 38 | (254 | ) | |||||||||||||||||||
– Less gain/(loss) included in net income | 50 | — | — | |||||||||||||||||||||
Cash flow hedge | (80 | ) | 128 | — | ||||||||||||||||||||
– Unrealized gain/(loss) of the period | (195 | ) | 349 | — | ||||||||||||||||||||
– Less gain/(loss) included in net income | (115 | ) | 221 | — | ||||||||||||||||||||
Share of other comprehensive income of equity affiliates, net amount | 302 | 234 | 173 | |||||||||||||||||||||
Other | (7 | ) | (5 | ) | 1 | |||||||||||||||||||
– Unrealized gain/(loss) of the period | (7 | ) | (5 | ) | 1 | |||||||||||||||||||
– Less gain/(loss) included in net income | — | — | — | |||||||||||||||||||||
Tax effect | 28 | (38 | ) | 30 | ||||||||||||||||||||
Total other comprehensive income, net amount | 2,374 | 113 | (772 | ) | ||||||||||||||||||||
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2010 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||
Pre-tax | Tax | Net | Pre-tax | Tax | Net | Pre-tax | Tax | Net | ||||||||||||||||||||||||||||
For the year ended December 31, (M€) | amount | effect | amount | amount | effect | amount | amount | effect | amount | |||||||||||||||||||||||||||
Currency translation adjustment | 2,231 | — | 2,231 | (244 | ) | — | (244 | ) | (722 | ) | — | (722 | ) | |||||||||||||||||||||||
Available for sale financial assets | (100 | ) | 2 | (98 | ) | 38 | 4 | 42 | (254 | ) | 30 | (224 | ) | |||||||||||||||||||||||
Cash flow hedge | (80 | ) | 26 | (54 | ) | 128 | (42 | ) | 86 | — | — | — | ||||||||||||||||||||||||
Share of other comprehensive income of equity affiliates, net amount | 302 | — | 302 | 234 | — | 234 | 173 | — | 173 | |||||||||||||||||||||||||||
Other | (7 | ) | — | (7 | ) | (5 | ) | — | (5 | ) | 1 | — | 1 | |||||||||||||||||||||||
Total other comprehensive income | 2,346 | 28 | 2,374 | 151 | (38 | ) | 113 | (802 | ) | 30 | (772 | ) | ||||||||||||||||||||||||
18) | EMPLOYEE BENEFITS OBLIGATIONS |
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Pension benefits liabilities | 1,268 | 1,236 | 1,187 | |||||||||
Other benefits liabilities | 605 | 592 | 608 | |||||||||
Restructuring reserves (early retirement plans) | 298 | 212 | 216 | |||||||||
Total | 2,171 | 2,040 | 2,011 | |||||||||
• | The benefits are usually based on the final salary and seniority; |
• | They are usually funded (pension fund or insurer); and |
• | They are closed to new employees who benefit from defined contribution pension plans. |
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Pension benefits | Other benefits | |||||||||||||||||||||||
As of December 31, (M€) | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | ||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||
Benefit obligation at beginning of year | 8,169 | 7,405 | 8,129 | 547 | 544 | 583 | ||||||||||||||||||
Service cost | 159 | 134 | 143 | 11 | 10 | 14 | ||||||||||||||||||
Interest cost | 441 | 428 | 416 | 29 | 30 | 24 | ||||||||||||||||||
Curtailments | (4 | ) | (5 | ) | (3 | ) | (3 | ) | (1 | ) | — | |||||||||||||
Settlements | (60 | ) | (3 | ) | (5 | ) | — | — | (4 | ) | ||||||||||||||
Special termination benefits | — | — | — | 1 | — | — | ||||||||||||||||||
Plan participants’ contributions | 11 | 10 | 12 | — | — | — | ||||||||||||||||||
Benefits paid | (471 | ) | (484 | ) | (463 | ) | (33 | ) | (33 | ) | (37 | ) | ||||||||||||
Plan amendments | 28 | 118 | 12 | 1 | (2 | ) | (12 | ) | ||||||||||||||||
Actuarial losses (gains) | 330 | 446 | (248 | ) | 57 | — | (27 | ) | ||||||||||||||||
Foreign currency translation and other | 137 | 120 | (588 | ) | 13 | (1 | ) | 3 | ||||||||||||||||
Benefit obligation at year-end | 8,740 | 8,169 | 7,405 | 623 | 547 | 544 | ||||||||||||||||||
Change in fair value of plan assets | ||||||||||||||||||||||||
Fair value of plan assets at beginning of year | (6,286 | ) | (5,764 | ) | (6,604 | ) | — | — | — | |||||||||||||||
Expected return on plan assets | (396 | ) | (343 | ) | (402 | ) | — | — | — | |||||||||||||||
Actuarial losses (gains) | (163 | ) | (317 | ) | 1,099 | — | — | — | ||||||||||||||||
Settlements | 56 | 2 | 2 | — | — | — | ||||||||||||||||||
Plan participants’ contributions | (11 | ) | (10 | ) | (12 | ) | — | — | — | |||||||||||||||
Employer contributions(a) | (269 | ) | (126 | ) | (855 | ) | — | — | — | |||||||||||||||
Benefits paid | 394 | 396 | 375 | — | — | — | ||||||||||||||||||
Foreign currency translation and other | (134 | ) | (124 | ) | 633 | — | — | — | ||||||||||||||||
Fair value of plan assets at year-end | (6,809 | ) | (6,286 | ) | (5,764 | ) | — | — | — | |||||||||||||||
Unfunded status | 1,931 | 1,883 | 1,641 | 623 | 547 | 544 | ||||||||||||||||||
Unrecognized prior service cost | (105 | ) | (153 | ) | (48 | ) | 10 | 15 | 21 | |||||||||||||||
Unrecognized actuarial (losses) gains | (1,170 | ) | (1,045 | ) | (953 | ) | (28 | ) | 30 | 43 | ||||||||||||||
Asset ceiling | 9 | 9 | 5 | — | — | — | ||||||||||||||||||
Net recognized amount | 665 | 694 | 645 | 605 | 592 | 608 | ||||||||||||||||||
Pension benefits and other benefits liabilities | 1,268 | 1,236 | 1,187 | 605 | 592 | 608 | ||||||||||||||||||
Other non-current assets | (603 | ) | (542 | ) | (542 | ) | — | — | — | |||||||||||||||
(a) | In 2010, the Group covered certain employee pension benefit plans through insurance companies for an amount of €90 million (€757 million in 2008). |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | 2007 | ||||||||||||
Experience actuarial (gains) losses related to the defined benefit obligation | (54 | ) | (108 | ) | 12 | 80 | ||||||||||
Experience actuarial (gains) losses related to the fair value of plan assets | (163 | ) | (317 | ) | 1,099 | 140 | ||||||||||
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As of December 31, (M€) | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||
Pension benefits | ||||||||||||||||||||
Benefit obligation | 8,740 | 8,169 | 7,405 | 8,129 | 8,742 | |||||||||||||||
Fair value of plan assets | (6,809 | ) | (6,286 | ) | (5,764 | ) | (6,604 | ) | (6,401 | ) | ||||||||||
Unfunded status | 1,931 | 1,883 | 1,641 | 1,525 | 2,341 | |||||||||||||||
Other benefits | ||||||||||||||||||||
Benefits obligation | 623 | 547 | 544 | 583 | 648 | |||||||||||||||
Fair value of plan assets | — | — | — | — | — | |||||||||||||||
Unfunded status | 623 | 547 | 544 | 583 | 648 | |||||||||||||||
Estimated future payments (M€) | Pension benefits | Other benefits | ||||||
2011 | 487 | 38 | ||||||
2012 | 478 | 38 | ||||||
2013 | 477 | 38 | ||||||
2014 | 477 | 39 | ||||||
2015 | 497 | 40 | ||||||
2016-2020 | 2,628 | 203 | ||||||
Asset allocation | Pension benefits | |||||||||||
As of December 31, | 2010 | 2009 | 2008 | |||||||||
Equity securities | 34 | % | 31 | % | 25 | % | ||||||
Debt securities | 60 | % | 62 | % | 56 | % | ||||||
Monetary | 3 | % | 3 | % | 16 | % | ||||||
Real estate | 3 | % | 4 | % | 3 | % | ||||||
Assumptions used to determine benefits obligations | Pension benefits | Other benefits | ||||||||||||||||||||||
As of December 31, | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | ||||||||||||||||||
Discount rate (weighted average for all regions) | 5.01 | % | 5.41 | % | 5.93 | % | 5.00 | % | 5.60 | % | 6.00 | % | ||||||||||||
Of which Euro zone | 4.58 | % | 5.12 | % | 5.72 | % | 4.55 | % | 5.18 | % | 5.74 | % | ||||||||||||
Of which United States | 5.49 | % | 6.00 | % | 6.23 | % | 5.42 | % | 5.99 | % | 6.21 | % | ||||||||||||
Of which United Kingdom | 5.50 | % | 5.50 | % | 6.00 | % | — | — | 6.00 | % | ||||||||||||||
Average expected rate of salary increase | 4.55 | % | 4.50 | % | 4.56 | % | — | — | — | |||||||||||||||
Expected rate of healthcare inflation | ||||||||||||||||||||||||
— Initial rate | — | — | — | 4.82 | % | 4.91 | % | 4.88 | % | |||||||||||||||
— Ultimate rate | — | — | — | 3.75 | % | 3.79 | % | 3.64 | % | |||||||||||||||
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Assumptions used to determine the net periodic benefit cost (income) | Pension benefits | Other benefits | ||||||||||||||||||||||
For the year ended December 31, | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | ||||||||||||||||||
Discount rate (weighted average for all regions) | 5.41 | % | 5.93 | % | 5.50 | % | 5.60 | % | 6.00 | % | 5.50 | % | ||||||||||||
Of which Euro zone | 5.12 | % | 5.72 | % | 5.15 | % | 5.18 | % | 5.74 | % | 5.14 | % | ||||||||||||
Of which United States | 6.00 | % | 6.23 | % | 6.00 | % | 5.99 | % | 6.21 | % | 5.98 | % | ||||||||||||
Of which United Kingdom | 5.50 | % | 6.00 | % | 5.75 | % | — | 6.00 | % | 5.75 | % | |||||||||||||
Average expected rate of salary increase | 4.50 | % | 4.56 | % | 4.29 | % | — | — | — | |||||||||||||||
Expected return on plan assets | 6.39 | % | 6.14 | % | 6.60 | % | — | — | — | |||||||||||||||
Expected rate of healthcare inflation | ||||||||||||||||||||||||
— Initial rate | — | — | — | 4.91 | % | 4.88 | % | 5.16 | % | |||||||||||||||
— Ultimate rate | — | — | — | 3.79 | % | 3.64 | % | 3.64 | % | |||||||||||||||
0.5% | 0.5% | |||||||
(M€) | increase | decrease | ||||||
Benefit obligation as of December 31, 2010 | (520 | ) | 574 | |||||
2011 net periodic benefit cost (income) | (19 | ) | 52 | |||||
Pension benefits | ||||||||||||||||||||||||
Other benefits | ||||||||||||||||||||||||
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | 2010 | 2009 | 2008 | ||||||||||||||||||
Service cost | 159 | 134 | 143 | 11 | 10 | 14 | ||||||||||||||||||
Interest cost | 441 | 428 | 416 | 29 | 30 | 24 | ||||||||||||||||||
Expected return on plan assets | (396 | ) | (343 | ) | (402 | ) | — | — | — | |||||||||||||||
Amortization of prior service cost | 74 | 13 | 34 | (5 | ) | (7 | ) | (10 | ) | |||||||||||||||
Amortization of actuarial losses (gains) | 66 | 50 | 22 | (4 | ) | (6 | ) | (2 | ) | |||||||||||||||
Asset ceiling | (3 | ) | 4 | 1 | — | — | — | |||||||||||||||||
Curtailments | (3 | ) | (4 | ) | (3 | ) | (3 | ) | (1 | ) | — | |||||||||||||
Settlements | 7 | (1 | ) | (2 | ) | — | — | (3 | ) | |||||||||||||||
Special termination benefits | — | — | — | 1 | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | 345 | 281 | 209 | 29 | 26 | 23 | ||||||||||||||||||
1% point | 1% point | |||||||
(M€) | increase | decrease | ||||||
Benefit obligation as of December 31, 2010 | 63 | (52 | ) | |||||
2010 net periodic benefit cost (income) | 5 | (4 | ) | |||||
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19) | PROVISIONS AND OTHER NON-CURRENT LIABILITIES |
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Litigations and accrued penalty claims | 485 | 423 | 546 | |||||||||
Provisions for environmental contingencies | 644 | 623 | 558 | |||||||||
Asset retirement obligations | 5,917 | 5,469 | 4,500 | |||||||||
Other non-current provisions | 1,116 | 1,331 | 1,804 | |||||||||
Other non-current liabilities | 936 | 1,535 | 450 | |||||||||
Total | 9,098 | 9,381 | 7,858 | |||||||||
• | The contingency reserve related to the Toulouse-AZF plant explosion (civil liability) for €31 million as of December 31, 2010; |
• | Provisions related to restructuring activities in the Downstream and Chemicals segments for €261 million as of December 31, 2010; and |
• | The contingency reserve related to the Buncefield depot explosion (civil liability) for €194 million as of December 31, 2010. |
• | The contingency reserve related to the Toulouse-AZF plant explosion (civil liability) for €40 million as of December 31, 2009; |
• | Provisions related to restructuring activities in the Downstream and Chemicals segments for €130 million as of December 31, 2009; and |
• | The contingency reserve related to the Buncefield depot explosion (civil liability) for €295 million as of December 31, 2009. |
Currency | ||||||||||||||||||||||||
translation | As of | |||||||||||||||||||||||
(M€) | As of January 1, | Allowances | Reversals | adjustment | Other | December 31, | ||||||||||||||||||
2010 | 9,381 | 1,052 | (971 | ) | 497 | (861 | ) | 9,098 | ||||||||||||||||
2009 | 7,858 | 1,254 | (1,413 | ) | 202 | 1,480 | 9,381 | |||||||||||||||||
2008 | 6,843 | 1,424 | (864 | ) | (460 | ) | 915 | 7,858 | ||||||||||||||||
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• | Asset retirement obligations for €338 million (accretion); |
• | Environmental contingencies for €88 million in the Downstream and Chemicals segments; |
• | The contingency reserve related to the Buncefield depot explosion (civil liability) for €79 million; and |
• | Provisions related to restructuring of activities for €226 million. |
• | Asset retirement obligations for €283 million (accretion); |
• | Environmental contingencies for €147 million in the Downstream and Chemicals segments; |
• | The contingency reserve related to the Buncefield depot explosion (civil liability) for €223 million; and |
• | Provisions related to restructuring of activities for €121 million. |
• | Asset retirement obligations for €229 million (accretion); |
• | The contingency reserve related to the Toulouse-AZF plant explosion (civil liability) for €140 million; |
• | Environmental contingencies for €89 million; |
• | An allowance of €48 million for litigation reserves in connection with antitrust investigations, as described in Note 32 to the Consolidated Financial Statements “Other risks and contingent liabilities”; and |
• | Provisions related to restructuring of activities for €27 million. |
• | Provisions for asset retirement obligations for €214 million; |
• | €26 million for litigation reserves in connection with antitrust investigations; |
• | Environmental contingencies written back for €66 million; |
• | The contingency reserve related to the Toulouse-AZF plant explosion (civil liability), written back for €9 million; |
• | The contingency reserve related to the Buncefield depot explosion (civil liability), written back for €190 million; and |
• | Provisions for restructuring and social plans written back for €60 million. |
• | Provisions for asset retirement obligations for €191 million; |
• | €52 million for litigation reserves in connection with antitrust investigations; |
• | Environmental contingencies written back for €86 million; |
• | The contingency reserve related to the Toulouse-AZF plant explosion (civil liability), written back for €216 million; |
• | The contingency reserve related to the Buncefield depot explosion (civil liability), written back for €375 million; and |
• | Provisions for restructuring and social plans written back for €28 million. |
• | Provisions for asset retirement obligations for €280 million; |
• | €163 million for litigation reserves in connection with antitrust investigations; |
• | Environmental contingencies written back for €96 million; |
• | The contingency reserve related to the Toulouse-AZF plant explosion (civil liability), written back for €18 million; and |
• | Provisions for restructuring and social plans written back for €10 million. |
Revision | Spending on | Currency | ||||||||||||||||||||||||||||||
As of | in | New | existing | translation | As of | |||||||||||||||||||||||||||
(M€) | January 1, | Accretion | estimates | obligations | obligations | adjustment | Other | December 31, | ||||||||||||||||||||||||
2010 | 5,469 | 338 | 79 | 175 | (214 | ) | 316 | (246 | ) | 5,917 | ||||||||||||||||||||||
2009 | 4,500 | 283 | 447 | 179 | (191 | ) | 232 | 19 | 5,469 | |||||||||||||||||||||||
2008 | 4,206 | 229 | 563 | 188 | (280 | ) | (414 | ) | 8 | 4,500 | ||||||||||||||||||||||
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20) | FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS |
A) | NON-CURRENT FINANCIAL DEBT AND RELATED FINANCIAL INSTRUMENTS |
As of December 31, 2010 (M€) | ||||||||||||
(Assets)/Liabilities | Secured | Unsecured | Total | |||||||||
Non-current financial debt | 287 | 20,496 | 20,783 | |||||||||
of which hedging instruments of non-current financial debt (liabilities) | — | 178 | 178 | |||||||||
Hedging instruments of non-current financial debt (assets)(a) | — | (1,870 | ) | (1,870 | ) | |||||||
Non-current financial debt – net of hedging instruments | 287 | 18,626 | 18,913 | |||||||||
Bonds after fair value hedge | — | 15,491 | 15,491 | |||||||||
Fixed rate bonds and bonds after cash flow hedge | — | 2,836 | 2,836 | |||||||||
Bank and other, floating rate | 47 | 189 | 236 | |||||||||
Bank and other, fixed rate | 65 | 110 | 175 | |||||||||
Financial lease obligations | 175 | — | 175 | |||||||||
Non-current financial debt – net of hedging instruments | 287 | 18,626 | 18,913 | |||||||||
(a) | See the description of these hedging instruments in Notes 1 paragraph M (iii) “Long-term financing”, 28 and 29 to the Consolidated Financial Statements. |
As of December 31, 2009 (M€) | ||||||||||||
(Assets)/Liabilities | Secured | Unsecured | Total | |||||||||
Non-current financial debt | 312 | 19,125 | 19,437 | |||||||||
of which hedging instruments of non-current financial debt (liabilities) | — | 241 | 241 | |||||||||
Hedging instruments of non-current financial debt (assets)(a) | — | (1,025 | ) | (1,025 | ) | |||||||
Non-current financial debt – net of hedging instruments | 312 | 18,100 | 18,412 | |||||||||
Bonds after fair value hedge | — | 15,884 | 15,884 | |||||||||
Fixed rate bonds and bonds after cash flow hedge | — | 1,700 | 1,700 | |||||||||
Bank and other, floating rate | 60 | 379 | 439 | |||||||||
Bank and other, fixed rate | 50 | 79 | 129 | |||||||||
Financial lease obligations | 202 | 58 | 260 | |||||||||
Non-current financial debt – net of hedging instruments | 312 | 18,100 | 18,412 | |||||||||
(a) | See the description of these hedging instruments in Notes 1 paragraph M(iii) “Long-term financing”, 28 and 29 to the Consolidated Financial Statements. |
As of December 31, 2008 (M€) | ||||||||||||
(Assets)/Liabilities | Secured | Unsecured | Total | |||||||||
Non-current financial debt | 895 | 15,296 | 16,191 | |||||||||
of which hedging instruments of non-current financial debt (liabilities) | — | 440 | 440 | |||||||||
Hedging instruments of non-current financial debt (assets)(a) | — | (892 | ) | (892 | ) | |||||||
Non-current financial debt – net of hedging instruments | 895 | 14,404 | 15,299 | |||||||||
Bonds after fair value hedge | — | 13,380 | 13,380 | |||||||||
Fixed rate bonds and bonds after cash flow hedge | — | 287 | 287 | |||||||||
Bank and other, floating rate | 553 | 665 | 1,218 | |||||||||
Bank and other, fixed rate | 140 | 6 | 146 | |||||||||
Financial lease obligations | 202 | 66 | 268 | |||||||||
Non-current financial debt – net of hedging instruments | 895 | 14,404 | 15,299 | |||||||||
(a) | See the description of these hedging instruments in Notes 1 paragraph M(iii) “Long-term financing”, 28 and 29 to the Consolidated Financial Statements. |
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Fair value after hedging as of | ||||||||||||||||||||||||||
Year of | December 31, | December 31, | December 31, | Initial rate before hedging | ||||||||||||||||||||||
Bonds after fair value hedge (M€) | issue | 2010 | 2009 | 2008 | Currency | Maturity | instruments | |||||||||||||||||||
Parent company | ||||||||||||||||||||||||||
Bond | 1997 | — — | — | 124 | FRF | 2009 | 6.200 | % | ||||||||||||||||||
Bond | 1998 | — | — | 119 | FRF | 2009 | 5.125 | % | ||||||||||||||||||
Bond | 1998 | 125 | 116 | 121 | FRF | 2013 | 5.000 | % | ||||||||||||||||||
Bond | 2000 | — | 61 | 63 | EUR | 2010 | 5.650 | % | ||||||||||||||||||
Current portion (less than one year) | — | (61 | ) | (243 | ) | |||||||||||||||||||||
Total parent company | 125 | 116 | 184 | |||||||||||||||||||||||
Elf Aquitaine SA | ||||||||||||||||||||||||||
Bond | 1999 | — | — | 1 003 | EUR | 2009 | 4.500 | % | ||||||||||||||||||
Current portion (less than one year) | — | — | (1 003 | ) | ||||||||||||||||||||||
Total Elf Aquitaine SA | — | — | — | |||||||||||||||||||||||
TOTAL CAPITAL(a) | ||||||||||||||||||||||||||
Bond | 2002 | 15 | 14 | 14 | USD | 2012 | 5.890 | % | ||||||||||||||||||
Bond | 2003 | — | — | 52 | AUD | 2009 | 6.250 | % | ||||||||||||||||||
Bond | 2003 | — | — | 154 | CHF | 2009 | 2.385 | % | ||||||||||||||||||
Bond | 2003 | — | 160 | 166 | CHF | 2010 | 2.385 | % | ||||||||||||||||||
Bond | 2003 | 22 | 21 | 22 | USD | 2013 | 4.500 | % | ||||||||||||||||||
Bond | 2003-2004 | — | — | 395 | USD | 2009 | 3.500 | % | ||||||||||||||||||
Bond | 2004 | — | — | 57 | AUD | 2009 | 6.000 | % | ||||||||||||||||||
Bond | 2004 | — | — | 28 | AUD | 2009 | 6.000 | % | ||||||||||||||||||
Bond | 2004 | — | 53 | 55 | CAD | 2010 | 4.000 | % | ||||||||||||||||||
Bond | 2004 | — | 113 | 117 | CHF | 2010 | 2.385 | % | ||||||||||||||||||
Bond | 2004 | — | 438 | 454 | EUR | 2010 | 3.750 | % | ||||||||||||||||||
Bond | 2004 | — | 322 | 334 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2004 | — | 128 | 132 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2004 | — | 185 | 191 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2004 | 57 | 53 | 55 | AUD | 2011 | 5.750 | % | ||||||||||||||||||
Bond | 2004 | 116 | 107 | 111 | CAD | 2011 | 4.875 | % | ||||||||||||||||||
Bond | 2004 | 235 | 203 | 216 | USD | 2011 | 4.125 | % | ||||||||||||||||||
Bond | 2004 | 75 | 69 | 72 | USD | 2011 | 4.125 | % | ||||||||||||||||||
Bond | 2004 | 125 | 116 | 120 | CHF | 2012 | 2.375 | % | ||||||||||||||||||
Bond | 2004 | 51 | 47 | 49 | NZD | 2014 | 6.750 | % | ||||||||||||||||||
Bond | 2005 | — | — | 36 | USD | 2009 | 3.500 | % | ||||||||||||||||||
Bond | 2005 | 57 | 53 | 55 | AUD | 2011 | 5.750 | % | ||||||||||||||||||
Bond | 2005 | 60 | 56 | 58 | CAD | 2011 | 4.000 | % | ||||||||||||||||||
Bond | 2005 | 120 | 112 | 116 | CHF | 2011 | 1.625 | % | ||||||||||||||||||
Bond | 2005 | 226 | 226 | 226 | CHF | 2011 | 1.625 | % | ||||||||||||||||||
Bond | 2005 | 139 | 144 | 144 | USD | 2011 | 4.125 | % | ||||||||||||||||||
Bond | 2005 | 63 | 63 | 63 | AUD | 2012 | 5.750 | % | ||||||||||||||||||
Bond | 2005 | 194 | 180 | 187 | CHF | 2012 | 2.135 | % | ||||||||||||||||||
Bond | 2005 | 65 | 65 | 65 | CHF | 2012 | 2.135 | % | ||||||||||||||||||
Bond | 2005 | 97 | 97 | 98 | CHF | 2012 | 2.375 | % | ||||||||||||||||||
Bond | 2005 | 391 | 363 | 376 | EUR | 2012 | 3.250 | % | ||||||||||||||||||
Bond | 2005 | 57 | 57 | 57 | NZD | 2012 | 6.500 | % | ||||||||||||||||||
Bond | 2006 | — | 75 | 75 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2006 | — | 50 | 50 | EUR | 2010 | 3.750 | % | ||||||||||||||||||
Bond | 2006 | — | 50 | 50 | EUR | 2010 | 3.750 | % | ||||||||||||||||||
Bond | 2006 | — | 100 | 102 | EUR | 2010 | 3.750 | % | ||||||||||||||||||
Bond | 2006 | 42 | 42 | 42 | EUR | 2011 | EURIBOR 3 months +0.040 | % | ||||||||||||||||||
Bond | 2006 | 300 | 300 | 300 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2006 | 150 | 150 | 150 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2006 | 300 | 300 | 300 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2006 | 120 | 120 | 120 | USD | 2011 | 5.000 | % | ||||||||||||||||||
Bond | 2006 | 300 | 300 | 300 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2006 | 472 | 472 | 473 | USD | 2011 | 5.000 | % |
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Fair value after hedging as of | ||||||||||||||||||||||||||
Year of | December 31, | December 31, | December 31, | Initial rate before hedging | ||||||||||||||||||||||
Bonds after fair value hedge (M€) | issue | 2010 | 2009 | 2008 | Currency | Maturity | instruments | |||||||||||||||||||
Bond | 2006 | 62 | 62 | 62 | AUD | 2012 | 5.625 | % | ||||||||||||||||||
Bond | 2006 | 72 | 72 | 72 | CAD | 2012 | 4.125 | % | ||||||||||||||||||
Bond | 2006 | 100 | 100 | 100 | EUR | 2012 | 3.250 | % | ||||||||||||||||||
Bond | 2006 | 74 | 74 | 74 | GBP | 2012 | 4.625 | % | ||||||||||||||||||
Bond | 2006 | 100 | 100 | 100 | EUR | 2012 | 3.250 | % | ||||||||||||||||||
Bond | 2006 | 125 | 125 | 125 | CHF | 2013 | 2.510 | % | ||||||||||||||||||
Bond | 2006 | 127 | 127 | 127 | CHF | 2014 | 2.635 | % | ||||||||||||||||||
Bond | 2006 | 130 | 130 | 130 | CHF | 2016 | 2.385 | % | ||||||||||||||||||
Bond | 2006 | 65 | 65 | 65 | CHF | 2016 | 2.385 | % | ||||||||||||||||||
Bond | 2006 | 64 | 64 | 64 | CHF | 2016 | 2.385 | % | ||||||||||||||||||
Bond | 2006 | 63 | 63 | 64 | CHF | 2016 | 2.385 | % | ||||||||||||||||||
Bond | 2006 | 129 | 129 | 129 | CHF | 2018 | 3.135 | % | ||||||||||||||||||
Bond | 2007 | — | 60 | 60 | CHF | 2010 | 2.385 | % | ||||||||||||||||||
Bond | 2007 | — | 74 | 74 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2007 | 77 | 77 | 77 | USD | 2011 | 5.000 | % | ||||||||||||||||||
Bond | 2007 | 370 | 370 | 370 | USD | 2012 | 5.000 | % | ||||||||||||||||||
Bond | 2007 | 222 | 222 | 222 | USD | 2012 | 5.000 | % | ||||||||||||||||||
Bond | 2007 | 61 | 61 | 61 | AUD | 2012 | 6.500 | % | ||||||||||||||||||
Bond | 2007 | 72 | 72 | 72 | CAD | 2012 | 4.125 | % | ||||||||||||||||||
Bond | 2007 | 71 | 71 | 71 | GBP | 2012 | 4.625 | % | ||||||||||||||||||
Bond | 2007 | 300 | 300 | 300 | EUR | 2013 | 4.125 | % | ||||||||||||||||||
Bond | 2007 | 73 | 73 | 74 | GBP | 2013 | 5.500 | % | ||||||||||||||||||
Bond | 2007 | 306 | 306 | 306 | GBP | 2013 | 5.500 | % | ||||||||||||||||||
Bond | 2007 | 72 | 72 | 73 | GBP | 2013 | 5.500 | % | ||||||||||||||||||
Bond | 2007 | 248 | 248 | 248 | CHF | 2014 | 2.635 | % | ||||||||||||||||||
Bond | 2007 | 31 | 31 | 31 | JPY | 2014 | 1.505 | % | ||||||||||||||||||
Bond | 2007 | 61 | 61 | 61 | CHF | 2014 | 2.635 | % | ||||||||||||||||||
Bond | 2007 | 49 | 49 | 49 | JPY | 2014 | 1.723 | % | ||||||||||||||||||
Bond | 2007 | 121 | 121 | 121 | CHF | 2015 | 3.125 | % | ||||||||||||||||||
Bond | 2007 | 300 | 300 | 300 | EUR | 2017 | 4.700 | % | ||||||||||||||||||
Bond | 2007 | 76 | 76 | 76 | CHF | 2018 | 3.135 | % | ||||||||||||||||||
Bond | 2007 | 60 | 60 | 60 | CHF | 2018 | 3.135 | % | ||||||||||||||||||
Bond | 2008 | — | 63 | 63 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2008 | — | 66 | 66 | GBP | 2010 | 4.875 | % | ||||||||||||||||||
Bond | 2008 | 92 | 92 | 92 | AUD | 2011 | 7.500 | % | ||||||||||||||||||
Bond | 2008 | 100 | 100 | 100 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2008 | 150 | 150 | 151 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2008 | 50 | 50 | 50 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2008 | 50 | 50 | 50 | EUR | 2011 | 3.875 | % | ||||||||||||||||||
Bond | 2008 | 60 | 60 | 60 | JPY | 2011 | EURIBOR 6 months + 0.018 | % | ||||||||||||||||||
Bond | 2008 | 102 | 102 | 102 | USD | 2011 | 3.750 | % | ||||||||||||||||||
Bond | 2008 | 62 | 62 | 62 | CHF | 2012 | 2.135 | % | ||||||||||||||||||
Bond | 2008 | 124 | 124 | 124 | CHF | 2012 | 3.635 | % | ||||||||||||||||||
Bond | 2008 | 46 | 46 | 46 | CHF | 2012 | 2.385 | % | ||||||||||||||||||
Bond | 2008 | 92 | 92 | 92 | CHF | 2012 | 2.385 | % | ||||||||||||||||||
Bond | 2008 | 64 | 64 | 64 | CHF | 2012 | 2.385 | % | ||||||||||||||||||
Bond | 2008 | 50 | 50 | 50 | EUR | 2012 | 3.250 | % | ||||||||||||||||||
Bond | 2008 | 63 | 63 | 63 | GBP | 2012 | 4.625 | % | ||||||||||||||||||
Bond | 2008 | 63 | 63 | 63 | GBP | 2012 | 4.625 | % | ||||||||||||||||||
Bond | 2008 | 63 | 63 | 64 | GBP | 2012 | 4.625 | % | ||||||||||||||||||
Bond | 2008 | 62 | 62 | 62 | NOK | 2012 | 6.000 | % | ||||||||||||||||||
Bond | 2008 | 69 | 69 | 69 | USD | 2012 | 5.000 | % | ||||||||||||||||||
Bond | 2008 | 60 | 60 | 60 | AUD | 2013 | 7.500 | % | ||||||||||||||||||
Bond | 2008 | 61 | 61 | 61 | AUD | 2013 | 7.500 | % | ||||||||||||||||||
Bond | 2008 | 127 | 127 | 128 | CHF | 2013 | 3.135 | % | ||||||||||||||||||
Bond | 2008 | 62 | 62 | 63 | CHF | 2013 | 3.135 | % | ||||||||||||||||||
Bond | 2008 | 200 | 200 | 200 | EUR | 2013 | 4.125 | % | ||||||||||||||||||
Bond | 2008 | 100 | 100 | 100 | EUR | 2013 | 4.125 | % | ||||||||||||||||||
Bond | 2008 | 1,000 | 1,000 | 1,002 | EUR | 2013 | 4.750 | % | ||||||||||||||||||
Bond | 2008 | 63 | 63 | 63 | GBP | 2013 | 5.500 | % |
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Fair value after hedging as of | ||||||||||||||||||||||||||
Year of | December 31, | December 31, | December 31, | Initial rate before hedging | ||||||||||||||||||||||
Bonds after fair value hedge (M€) | issue | 2010 | 2009 | 2008 | Currency | Maturity | instruments | |||||||||||||||||||
Bond | 2008 | 149 | 149 | 149 | JPY | 2013 | EURIBOR 6 months + 0.008 | % | ||||||||||||||||||
Bond | 2008 | 191 | 191 | 194 | USD | 2013 | 4.000 | % | ||||||||||||||||||
Bond | 2008 | 61 | 61 | 61 | CHF | 2015 | 3.135 | % | ||||||||||||||||||
Bond | 2008 | 62 | 62 | 62 | CHF | 2015 | 3.135 | % | ||||||||||||||||||
Bond | 2008 | 61 | 61 | 62 | CHF | 2015 | 3.135 | % | ||||||||||||||||||
Bond | 2008 | 62 | 62 | 62 | CHF | 2018 | 3.135 | % | ||||||||||||||||||
Bond | 2009 | 56 | 56 | — | AUD | 2013 | 5.500 | % | ||||||||||||||||||
Bond | 2009 | 54 | 54 | — | AUD | 2013 | 5.500 | % | ||||||||||||||||||
Bond | 2009 | 236 | 236 | — | CHF | 2013 | 2.500 | % | ||||||||||||||||||
Bond | 2009 | 77 | 77 | — | USD | 2013 | 4.000 | % | ||||||||||||||||||
Bond | 2009 | 131 | 131 | — | CHF | 2014 | 2.625 | % | ||||||||||||||||||
Bond | 2009 | 997 | 998 | — | EUR | 2014 | 3.500 | % | ||||||||||||||||||
Bond | 2009 | 150 | 150 | — | EUR | 2014 | 3.500 | % | ||||||||||||||||||
Bond | 2009 | 40 | 40 | — | HKD | 2014 | 3.240 | % | ||||||||||||||||||
Bond | 2009 | 103 | 96 | — | AUD | 2015 | 6.000 | % | ||||||||||||||||||
Bond | 2009 | 550 | 550 | — | EUR | 2015 | 3.625 | % | ||||||||||||||||||
Bond | 2009 | 684 | 684 | — | USD | 2015 | 3.125 | % | ||||||||||||||||||
Bond | 2009 | 224 | 208 | — | USD | 2015 | 3.125 | % | ||||||||||||||||||
Bond | 2009 | 99 | 99 | — | CHF | 2016 | 2.385 | % | ||||||||||||||||||
Bond | 2009 | 115 | 115 | — | GBP | 2017 | 4.250 | % | ||||||||||||||||||
Bond | 2009 | 225 | 225 | — | GBP | 2017 | 4.250 | % | ||||||||||||||||||
Bond | 2009 | 448 | 448 | — | EUR | 2019 | 4.875 | % | ||||||||||||||||||
Bond | 2009 | 69 | 69 | — | HKD | 2019 | 4.180 | % | ||||||||||||||||||
Bond | 2009 | 374 | 347 | — | USD | 2021 | 4.250 | % | ||||||||||||||||||
Bond | 2010 | 102 | AUD | 2014 | 5.750 | % | ||||||||||||||||||||
Bond | 2010 | 108 | CAD | 2014 | 2.500 | % | ||||||||||||||||||||
Bond | 2010 | 53 | NZD | 2014 | 4.750 | % | ||||||||||||||||||||
Bond | 2010 | 187 | USD | 2015 | 2.875 | % | ||||||||||||||||||||
Bond | 2010 | 935 | USD | 2015 | 3.000 | % | ||||||||||||||||||||
Bond | 2010 | 748 | USD | 2016 | 2.300 | % | ||||||||||||||||||||
Bond | 2010 | 68 | AUD | 2015 | 6.000 | % | ||||||||||||||||||||
Bond | 2010 | 69 | AUD | 2015 | 6.000 | % | ||||||||||||||||||||
Bond | 2010 | 64 | AUD | 2015 | 6.000 | % | ||||||||||||||||||||
Bond | 2010 | 476 | EUR | 2022 | 3.125 | % | ||||||||||||||||||||
Current portion (less than one year) | (3,450 | ) | (1,937 | ) | (722 | ) | ||||||||||||||||||||
Total TOTAL CAPITAL | 15,143 | 15,615 | 13,093 | |||||||||||||||||||||||
Other consolidated subsidiaries | 223 | 153 | 103 | |||||||||||||||||||||||
Total bonds after fair value hedge | 15,491 | 15,884 | 13,380 | |||||||||||||||||||||||
Amount after hedging as of | ||||||||||||||||||||||||||
Year of | December 31, | December 31, | December 31, | Initial rate before hedging | ||||||||||||||||||||||
Fixed rate bonds and bonds after cash flow hedge (M€) | issue | 2010 | 2009 | 2008 | Currency | Maturity | instruments | |||||||||||||||||||
TOTAL CAPITAL(a) | ||||||||||||||||||||||||||
Bond | 2005 | 293 | 292 | 287 | GBP | 2012 | 4.625 | % | ||||||||||||||||||
Bond | 2009 | 691 | 602 | — | EUR | 2019 | 4.875 | % | ||||||||||||||||||
Bond | 2009 | 917 | 806 | — | EUR | 2024 | 5.125 | % | ||||||||||||||||||
Bond | 2010 | 935 | USD | 2020 | 4.450 | % | ||||||||||||||||||||
Total fixed rate bonds and bonds after cash flow hedge | 2,836 | 1,700 | 287 | |||||||||||||||||||||||
(a) | TOTAL CAPITAL is a wholly-owned indirect subsidiary of TOTAL S.A. (with the exception of one share held by each member of its Board of Directors). It acts as a financing vehicle for the Group. Its debt securities are fully and unconditionally guaranteed by TOTAL S.A. as to payment of principal, premium, if any, interest and any other amounts due. |
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of which hedging | |||||||||||||||||||
instruments of | Hedging instruments | ||||||||||||||||||
non-current | of non-current | Non-current financial | |||||||||||||||||
As of December 31, 2010 | Non-current | financial debt | financial debt | debt - net of hedging | |||||||||||||||
(M€) | financial debt | (liabilities) | (assets) | instruments | % | ||||||||||||||
2012 | 3,756 | 34 | (401 | ) | 3,355 | 18% | |||||||||||||
2013 | 4,017 | 76 | (473 | ) | 3,544 | 19% | |||||||||||||
2014 | 2,508 | 1 | (290 | ) | 2,218 | 12% | |||||||||||||
2015 | 3,706 | 2 | (302 | ) | 3,404 | 18% | |||||||||||||
2016 and beyond | 6,796 | 65 | (404 | ) | 6,392 | 33% | |||||||||||||
Total | 20,783 | 178 | (1,870 | ) | 18,913 | 100% | |||||||||||||
of which hedging | |||||||||||||||||||
instruments of | Hedging instruments | ||||||||||||||||||
non-current | of non-current | Non-current financial | |||||||||||||||||
As of December 31, 2009 | Non-current | financial debt | financial debt | debt - net of hedging | |||||||||||||||
(M€) | financial debt | (liabilities) | (assets) | instruments | % | ||||||||||||||
2011 | 3,857 | 42 | (199 | ) | 3,658 | 20% | |||||||||||||
2012 | 3,468 | 48 | (191 | ) | 3,277 | 18% | |||||||||||||
2013 | 3,781 | 95 | (236 | ) | 3,545 | 19% | |||||||||||||
2014 | 2,199 | 6 | (90 | ) | 2,109 | 11% | |||||||||||||
2015 and beyond | 6,132 | 50 | (309 | ) | 5,823 | 32% | |||||||||||||
Total | 19,437 | 241 | (1,025 | ) | 18,412 | 100% | |||||||||||||
of which hedging | |||||||||||||||||||
instruments of | Hedging instruments | ||||||||||||||||||
non-current | of non-current | Non-current financial | |||||||||||||||||
As of December 31, 2008 | Non-current | financial debt | financial debt | debt - net of hedging | |||||||||||||||
(M€) | financial debt | (liabilities) | (assets) | instruments | % | ||||||||||||||
2010 | 3,160 | 170 | (168 | ) | 2,992 | 20% | |||||||||||||
2011 | 3,803 | 24 | (145 | ) | 3,658 | 24% | |||||||||||||
2012 | 3,503 | 115 | (179 | ) | 3,324 | 22% | |||||||||||||
2013 | 3,430 | 127 | (198 | ) | 3,232 | 21% | |||||||||||||
2014 and beyond | 2,295 | 4 | (202 | ) | 2,093 | 13% | |||||||||||||
Total | 16,191 | 440 | (892 | ) | 15,299 | 100% | |||||||||||||
As of December 31, (M€) | 2010 | % | 2009 | % | 2008 | % | ||||||||||||||||||
U.S. Dollar | 7,248 | 39% | 3,962 | 21% | 3,990 | 26% | ||||||||||||||||||
Euro | 11,417 | 60% | 14,110 | 77% | 10,685 | 70% | ||||||||||||||||||
Other currencies | 248 | 1% | 340 | 2% | 624 | 4% | ||||||||||||||||||
Total | 18,913 | 100% | 18,412 | 100% | 15,299 | 100% | ||||||||||||||||||
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As of December 31, | ||||||||||||||||||||||||
(M€) | 2010 | % | 2009 | % | 2008 | % | ||||||||||||||||||
Fixed rate | 3,177 | 17% | 2,064 | 11% | 633 | 4% | ||||||||||||||||||
Floating rate | 15,736 | 83% | 16,348 | 89% | 14,666 | 96% | ||||||||||||||||||
Total | 18,913 | 100% | 18,412 | 100% | 15,299 | 100% | ||||||||||||||||||
B) | CURRENT FINANCIAL ASSETS AND LIABILITIES |
As of December 31, (M€) | ||||||||||||
(Assets) / Liabilities | 2010 | 2009 | 2008 | |||||||||
Current financial debt(a) | 5,867 | 4,761 | 5,586 | |||||||||
Current portion of non-current financial debt | 3,786 | 2,233 | 2,136 | |||||||||
Current borrowings(note 28) | 9,653 | 6,994 | 7,722 | |||||||||
Current portion of hedging instruments of debt (liabilities) | 12 | 97 | 12 | |||||||||
Other current financial instruments (liabilities) | 147 | 26 | 146 | |||||||||
Other current financial liabilities(note 28) | 159 | 123 | 158 | |||||||||
Current deposits beyond three months | (869 | ) | (55 | ) | (1 | ) | ||||||
Current portion of hedging instruments of debt (assets) | (292 | ) | (197 | ) | (100 | ) | ||||||
Other current financial instruments (assets) | (44 | ) | (59 | ) | (86 | ) | ||||||
Current financial assets(note 28) | (1,205 | ) | (311 | ) | (187 | ) | ||||||
Current borrowings and related financial assets and liabilities, net | 8,607 | 6,806 | 7,693 | |||||||||
(a) | As of December 31, 2010, the current financial debt includes a commercial paper program in Total Capital Canada Ltd. Total Capital Canada Ltd. is a wholly-owned direct subsidiary of TOTAL S.A. It acts as a financing vehicle for the activities of the Group in Canada. Its debt securities are fully and unconditionally guaranteed by TOTAL S.A. as to payment of principal, premium, if any, interest and any other amounts due. |
C) | NET-DEBT-TO-EQUITY RATIO |
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As of December 31, (M€) | ||||||||||||
(Assets)/Liabilities | 2010 | 2009 | 2008 | |||||||||
Current borrowings | 9,653 | 6,994 | 7,722 | |||||||||
Other current financial liabilities | 159 | 123 | 158 | |||||||||
Current financial assets | (1,205) | (311) | (187) | |||||||||
Non-current financial debt | 20,783 | 19,437 | 16,191 | |||||||||
Hedging instruments on non-current financial debt | (1,870) | (1,025) | (892) | |||||||||
Cash and cash equivalents | (14,489) | (11,662) | (12,321) | |||||||||
Net financial debt | 13,031 | 13,556 | 10,671 | |||||||||
Shareholders’ equity-Group share | 60,414 | 52,552 | 48,992 | |||||||||
Estimated dividend payable | (2,553) | (2,546) | (2,540) | |||||||||
Minority interest | 857 | 987 | 958 | |||||||||
Total shareholder’s equity | 58,718 | 50,993 | 47,410 | |||||||||
Net-debt-to-equity ratio | 22.2% | 26.6% | 22.5% | |||||||||
21) | OTHER CREDITORS AND ACCRUED LIABILITIES |
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Accruals and deferred income | 184 | 223 | 151 | |||||||||
Payable to States (including taxes and duties) | 7,235 | 6,024 | 6,256 | |||||||||
Payroll | 996 | 955 | 928 | |||||||||
Other operating liabilities | 3,574 | 4,706 | 4,297 | |||||||||
Total | 11,989 | 11,908 | 11,632 | |||||||||
22) | LEASE CONTRACTS |
Operating | Finance | |||||||
For the year ended December 31, 2010 (M€) | leases | leases | ||||||
2011 | 582 | 39 | ||||||
2012 | 422 | 39 | ||||||
2013 | 335 | 39 | ||||||
2014 | 274 | 35 | ||||||
2015 | 230 | 35 | ||||||
2016 and beyond | 1,105 | 54 | ||||||
Total minimum payments | 2,948 | 241 | ||||||
Less financial expenses | — | (43 | ) | |||||
Nominal value of contracts | — | 198 | ||||||
Less current portion of finance lease contracts | — | (23 | ) | |||||
Outstanding liability of finance lease contracts | — | 175 | ||||||
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Operating | Finance | |||||||
For the year ended December 31, 2009 (M€) | leases | leases | ||||||
2010 | 523 | 42 | ||||||
2011 | 377 | 43 | ||||||
2012 | 299 | 42 | ||||||
2013 | 243 | 41 | ||||||
2014 | 203 | 39 | ||||||
2015 and beyond | 894 | 128 | ||||||
Total minimum payments | 2,539 | 335 | ||||||
Less financial expenses | — | (53 | ) | |||||
Nominal value of contracts | — | 282 | ||||||
Less current portion of finance lease contracts | — | (22 | ) | |||||
Outstanding liability of finance lease contracts | — | 260 | ||||||
Operating | Finance | |||||||
For the year ended December 31, 2008 (M€) | leases | leases | ||||||
2009 | 429 | 47 | ||||||
2010 | 306 | 42 | ||||||
2011 | 243 | 42 | ||||||
2012 | 208 | 42 | ||||||
2013 | 166 | 40 | ||||||
2014 and beyond | 675 | 148 | ||||||
Total minimum payments | 2,027 | 361 | ||||||
Less financial expenses | — | (70 | ) | |||||
Nominal value of contracts | — | 291 | ||||||
Less current portion of finance lease contracts | — | (23 | ) | |||||
Outstanding liability of finance lease contracts | — | 268 | ||||||
23) | COMMITMENTS AND CONTINGENCIES |
Maturity and installments | ||||||||||||||||
As of December 31, 2010 | Less than 1 | Between 1 | More than 5 | |||||||||||||
(M€) | Total | year | and 5 years | years | ||||||||||||
Non-current debt obligations net of hedging instruments(Note 20) | 18,738 | — | 12,392 | 6,346 | ||||||||||||
Current portion of non-current debt obligations net of hedging instruments(Note 20) | 3,483 | 3,483 | — | — | ||||||||||||
Finance lease obligations(Note 22) | 198 | 23 | 129 | 46 | ||||||||||||
Asset retirement obligations(Note 19) | 5,917 | 177 | 872 | 4,868 | ||||||||||||
Contractual obligations recorded in the balance sheet | 28,336 | 3,683 | 13,393 | 11,260 | ||||||||||||
Operating lease obligations(Note 22) | 2,948 | 582 | 1,261 | 1,105 | ||||||||||||
Purchase obligations | 61,293 | 6,347 | 14,427 | 40,519 | ||||||||||||
Contractual obligations not recorded in the balance sheet | 64,241 | 6,929 | 15,688 | 41,624 | ||||||||||||
Total of contractual obligations | 92,577 | 10,612 | 29,081 | 52,884 | ||||||||||||
Guarantees given for excise taxes | 1,753 | 1,594 | 71 | 88 | ||||||||||||
Guarantees given against borrowings | 5,005 | 1,333 | 493 | 3,179 | ||||||||||||
Indemnities related to sales of businesses | 37 | — | 31 | 6 | ||||||||||||
Guarantees of current liabilities | 171 | 147 | 19 | 5 | ||||||||||||
Guarantees to customers / suppliers | 3,020 | 1,621 | 96 | 1,303 | ||||||||||||
Letters of credit | 1,250 | 1,247 | — | 3 | ||||||||||||
Other operating commitments | 2,057 | 467 | 220 | 1,370 | ||||||||||||
Total of other commitments given | 13,293 | 6,409 | 930 | 5,954 | ||||||||||||
Mortgages and liens received | 429 | 2 | 114 | 313 | ||||||||||||
Other commitments received | 6,387 | 3,878 | 679 | 1,830 | ||||||||||||
Total of commitments received | 6,816 | 3,880 | 793 | 2,143 | ||||||||||||
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Maturity and installments | ||||||||||||||||
As of December 31, 2009 | Less than 1 | Between 1 | More than 5 | |||||||||||||
(M€) | Total | year | and 5 years | years | ||||||||||||
Non-current debt obligations net of hedging instruments(Note 20) | 18,152 | — | 12,443 | 5,709 | ||||||||||||
Current portion of non-current debt obligations net of hedging instruments(Note 20) | 2,111 | 2,111 | — | — | ||||||||||||
Finance lease obligations(Note 22) | 282 | 22 | 146 | 114 | ||||||||||||
Asset retirement obligations(Note 19) | 5,469 | 235 | 972 | 4,262 | ||||||||||||
Contractual obligations recorded in the balance sheet | 26,014 | 2,368 | 13,561 | 10,085 | ||||||||||||
Operating lease obligations(Note 22) | 2,539 | 523 | 1,122 | 894 | ||||||||||||
Purchase obligations | 49,808 | 4,542 | 9,919 | 35,347 | ||||||||||||
Contractual obligations not recorded in the balance sheet | 52,347 | 5,065 | 11,041 | 36,241 | ||||||||||||
Total of contractual obligations | 78,361 | 7,433 | 24,602 | 46,326 | ||||||||||||
Guarantees given for excise taxes | 1,765 | 1,617 | 69 | 79 | ||||||||||||
Guarantees given against borrowings | 2,882 | 1,383 | 709 | 790 | ||||||||||||
Indemnities related to sales of businesses | 36 | — | 1 | 35 | ||||||||||||
Guarantees of current liabilities | 203 | 160 | 38 | 5 | ||||||||||||
Guarantees to customers / suppliers | 2,770 | 1,917 | 70 | 783 | ||||||||||||
Letters of credit | 1,499 | 1,485 | 2 | 12 | ||||||||||||
Other operating commitments | 765 | 582 | 103 | 80 | ||||||||||||
Total of other commitments given | 9,920 | 7,144 | 992 | 1,784 | ||||||||||||
Mortgages and liens received | 330 | 5 | 106 | 219 | ||||||||||||
Other commitments received | 5,637 | 3,187 | 481 | 1,969 | ||||||||||||
Total of commitments received | 5,967 | 3,192 | 587 | 2,188 | ||||||||||||
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Maturity and installments | ||||||||||||||||
As of December 31, 2008 | Less than | Between 1 | More than | |||||||||||||
(M€) | Total | 1 year | and 5 years | 5 years | ||||||||||||
Non-current debt obligations net of hedging instruments(Note 20) | 15,031 | — | 13,064 | 1,967 | ||||||||||||
Current portion of non-current debt obligations net of hedging instruments(Note 20) | 2,025 | 2,025 | — | — | ||||||||||||
Finance lease obligations(Note 22) | 291 | 23 | 142 | 126 | ||||||||||||
Asset retirement obligations(Note 19) | 4,500 | 154 | 653 | 3,693 | ||||||||||||
Contractual obligations recorded in the balance sheet | 21,847 | 2,202 | 13,859 | 5,786 | ||||||||||||
Operating lease obligations(Note 22) | 2,027 | 429 | 923 | 675 | ||||||||||||
Purchase obligations | 60,226 | 4,420 | 13,127 | 42,679 | ||||||||||||
Contractual obligations not recorded in the balance sheet | 62,253 | 4,849 | 14,050 | 43,354 | ||||||||||||
Total of contractual obligations | 84,100 | 7,051 | 27,909 | 49,140 | ||||||||||||
Guarantees given for excise taxes | 1,720 | 1,590 | 58 | 72 | ||||||||||||
Guarantees given against borrowings | 2,870 | 1,119 | 519 | 1,232 | ||||||||||||
Indemnities related to sales of businesses | 39 | 3 | 1 | 35 | ||||||||||||
Guarantees of current liabilities | 315 | 119 | 164 | 32 | ||||||||||||
Guarantees to customers / suppliers | 2,866 | 68 | 148 | 2,650 | ||||||||||||
Letters of credit | 1,080 | 1,024 | 17 | 39 | ||||||||||||
Other operating commitments | 648 | 246 | 132 | 270 | ||||||||||||
Total of other commitments given | 9,538 | 4,169 | 1,039 | 4,330 | ||||||||||||
Mortgages and liens received | 321 | 72 | 110 | 139 | ||||||||||||
Other commitments received | 4,218 | 2,440 | 234 | 1,544 | ||||||||||||
Total of commitments received | 4,539 | 2,512 | 344 | 1,683 | ||||||||||||
A. | CONTRACTUAL OBLIGATIONS |
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B. | OTHER COMMITMENTS GIVEN |
24) | RELATED PARTIES |
Balance sheet | ||||||||||||
As of December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Receivables | ||||||||||||
Debtors and other debtors | 432 | 293 | 244 | |||||||||
Loans (excl. loans to equity affiliates) | 315 | 438 | 354 | |||||||||
Payables | ||||||||||||
Creditors and other creditors | 497 | 386 | 136 | |||||||||
Debts | 28 | 42 | 50 | |||||||||
Statement of income | ||||||||||||
For the year ended December 31, | ||||||||||||
(M€) | 2010 | 2009 | 2008 | |||||||||
Sales | 3,194 | 2,183 | 3,082 | |||||||||
Purchases | 5,576 | 2,958 | 4,061 | |||||||||
Financial expense | 69 | 1 | — | |||||||||
Financial income | 74 | 68 | 114 |
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For the year ended December 31, | ||||||||||||
(M€) | 2010 | 2009 | 2008 | |||||||||
Number of people | 26 | 27 | 30 | |||||||||
Direct or indirect compensation | 20.8 | 19.4 | 20.4 | |||||||||
Pension expenses(a) | 12.2 | 10.6 | 11.9 | |||||||||
Other long-term benefits | — | — | — | |||||||||
Termination benefits | — | — | — | |||||||||
Share-based payments expense (IFRS 2)(b) | 10.0 | 11.2 | 16.6 | |||||||||
(a) | The benefits provided for executive officers and certain members of the Board of Directors, employees and former employees of the Group, include severance to be paid on retirement, supplementary pension schemes and insurance plans, which represent €113.8 million provisioned as of December 31, 2010 (against €96.6 million as of December 31, 2009 and €98.0 million as of December 31, 2008). | |
(b) | Share-based payments expense computed for the executive officers and the members of the Board of Directors who are employees of the Group as described in Note 25 paragraph E to the Consolidated Financial Statements and based on the principles of IFRS 2 “Share-based payments” described in Note 1 paragraph E to the Consolidated Financial Statements. |
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25) | SHARE-BASED PAYMENTS |
Weighted | ||||||||||||||||||||||||||||||||||||||||
average | ||||||||||||||||||||||||||||||||||||||||
2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | exercise | ||||||||||||||||||||||||||||||||
Plan | Plan | Plan | Plan | Plan | Plan | Plan | Plan | Total | price | |||||||||||||||||||||||||||||||
Date of the shareholders’ meeting | 05/17/2001 | 05/14/2004 | 05/14/2004 | 05/14/2004 | 05/11/2007 | 05/11/2007 | 05/11/2007 | 05/21/2010 | ||||||||||||||||||||||||||||||||
Grant Date(a) | 07/16/2003 | 07/20/2004 | 07/19/2005 | 07/18/2006 | 07/17/2007 | 10/09/2008 | 09/15/2009 | 09/14/2010 | ||||||||||||||||||||||||||||||||
Exercise price until May 23, 2006 included(b) | 33.30 | 39.85 | 49.73 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Exercise price since May 24, 2006(b) | 32.84 | 39.30 | 49.04 | 50.60 | 60.10 | 42.90 | 39.90 | 38.20 | ||||||||||||||||||||||||||||||||
Expiry date | 07/16/2011 | 07/20/2012 | 07/19/2013 | 07/18/2014 | 07/17/2015 | 10/09/2016 | 09/15/2017 | 09/14/2018 | ||||||||||||||||||||||||||||||||
Number of options(c) | ||||||||||||||||||||||||||||||||||||||||
Outstanding as of January 1, 2008 | 8,368,378 | 13,197,236 | 6,243,438 | 5,711,060 | 5,920,105 | 39,440,217 | 44.23 | |||||||||||||||||||||||||||||||||
Awarded | — | — | — | — | — | 4,449,810 | 4,449,810 | 42.90 | ||||||||||||||||||||||||||||||||
Canceled | (25,184 | ) | (118,140 | ) | (34,032 | ) | (53,304 | ) | (34,660 | ) | (6,000 | ) | (271,320 | ) | 44.88 | |||||||||||||||||||||||||
Exercised | (841,846 | ) | (311,919 | ) | (17,702 | ) | (6,700 | ) | — | — | (1,178,167 | ) | 34.89 | |||||||||||||||||||||||||||
Outstanding as of January 1, 2009 | 7,501,348 | 12,767,177 | 6,191,704 | 5,651,056 | 5,885,445 | 4,443,810 | 42,440,540 | 44.35 | ||||||||||||||||||||||||||||||||
Awarded | — | — | — | — | — | — | 4,387,620 | 4,387,620 | 39.90 | |||||||||||||||||||||||||||||||
Canceled | (8,020 | ) | (18,387 | ) | (6,264 | ) | (5,370 | ) | (13,780 | ) | (2,180 | ) | (10,610 | ) | (64,611 | ) | 45.04 | |||||||||||||||||||||||
Exercised | (681,699 | ) | (253,081 | ) | — | — | — | — | — | (934,780 | ) | 34.59 | ||||||||||||||||||||||||||||
Outstanding as of January 1, 2010 | 6,811,629 | 12,495,709 | 6,185,440 | 5,645,686 | 5,871,665 | 4,441,630 | 4,377,010 | 45,828,769 | 44.12 | |||||||||||||||||||||||||||||||
Awarded | — | — | — | — | — | — | — | 4,788,420 | 4,788,420 | 38.20 | ||||||||||||||||||||||||||||||
Canceled(d) | (1,420 | ) | (15,660 | ) | (6,584 | ) | (4,800 | ) | (5,220 | ) | (92,472 | ) | (4,040 | ) | (1,120 | ) | (131,316 | ) | 43.50 | |||||||||||||||||||||
Exercised | (1,075,765 | ) | (141,202 | ) | — | — | — | — | (1,080 | ) | — | (1,218,047 | ) | 33.60 | ||||||||||||||||||||||||||
Outstanding as of December 31, 2010 | 5,734,444 | 12,338,847 | 6,178,856 | 5,640,886 | 5,866,445 | 4,349,158 | 4,371,890 | 4,787,300 | 49,267,826 | 43.80 | ||||||||||||||||||||||||||||||
(a) | The grant date is the date of the Board meeting awarding the share subscription options, except for the grant of October 9, 2008, decided by the Board on September 9, 2008. | |
(b) | Exercise price in euro. The exercise prices of TOTAL subscription shares of the plans in force at that date were multiplied by 0.25 to take into account thefour-for-one stock split on May 18, 2006. Moreover, following the spin-off of Arkema, the exercise prices of TOTAL subscription shares of these plans were multiplied by an adjustment factor equal to 0.986147 effective as of May 24, 2006. | |
(c) | The number of options awarded, outstanding, canceled or exercised before May 23, 2006 included, was multiplied by four to take into account thefour-for-one stock split approved by the shareholders’ meeting on May 12, 2006. | |
(d) | Out of 92,472 options awarded under the 2008 Plan that were canceled, 88,532 options were canceled due to the performance condition. The acquisition rate applicable to the subscription options that were subject to the performance condition of the 2008 Plan was 60%. |
• | For each grantee of up to 3,000 options, other than the Chairman and Chief Executive Officer, the options will be finally granted to their beneficiary. |
• | For each grantee of more than 3,000 options and less or equal to 50,000 options (other than the Chairman and Chief Executive Officer): |
• | The first 3,000 options and two-thirds above the first 3,000 options will be finally granted to their beneficiary; | |
• | The outstanding options, that is one-third of the options above the first 3,000 options, will be finally granted provided that the performance condition described below is fulfilled. |
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• | For each grantee of more than 50,000 options, other than the Chairman and Chief Executive Officer: |
• | The first 3,000 options, two-thirds of the options above the first 3,000 options and below the first 50,000 options, and one-third of the options above the first 50,000 options, will be finally granted to their beneficiary; | |
• | The outstanding options, that is one-third of the options above the first 3,000 options and below the first 50,000 options and two-thirds of the options above the first 50,000 options, will be finally granted provided that the performance condition is fulfilled. |
• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average ROE of the Group. The average ROE is calculated by the Group based on TOTAL’s consolidated balance sheet and statement of income for fiscal years 2010 and 2011. The acquisition rate is equal to zero if the average ROE is less than or equal to 7%; varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average of the Return On Average Capital Employed (ROACE) of the Group. The average ROACE is calculated by the Group based on TOTAL’s consolidated balance sheet and statement of income for fiscal years 2010 and 2011. The acquisition rate is equal to zero if the average ROACE is less than or equal to 6%; varies on a straight-line basis between 0% and 100% if the average ROACE is more than 6% and less than 15%; and is equal to 100% if the average ROACE is more than or equal to 15%. |
• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average ROE of the Group as published by TOTAL. The average ROE is calculated based on the Group’s consolidated balance sheet and statement of income for fiscal years 2009 and 2010. The acquisition rate is equal to zero if the average ROE is less than or equal to 7%; varies on a straight-line basis between 0% and 100% if the average ROE is more than 7% and less than 18%; and is equal to 100% if the average ROE is more than or equal to 18%. |
• | For 50% of the share subscription options granted, the performance condition states that the number of options finally granted is based on the average ROACE of the Group as published by TOTAL. The average ROACE is calculated based on the Group’s consolidated balance sheet and statement of income for fiscal years 2009 and 2010. The acquisition rate is equal to zero if the average ROACE is less than or equal to 6%; varies on a straight-line basis between 0% and 100% if the average ROACE is more than 6% and less than 15%; and is equal to 100% if the average ROACE is more than or equal to 15%. |
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• | is equal to zero if the ROE is less than or equal to 10%; |
• | varies on a straight-line basis between 0% and 80% if the ROE is more than 10% and less than 18%; |
• | varies on a straight-line basis between 80% and 100% if the ROE is more than or equal to 18% and less than 30%; and |
• | is equal to 100% if the ROE is more than or equal to 30%. |
B. | TOTAL SHARE PURCHASE OPTION PLANS |
Weighted | ||||||||||||||||||||
average | ||||||||||||||||||||
2000 Plan(a) | 2001 Plan(b) | 2002 Plan(c) | Total | exercise price | ||||||||||||||||
Date of the shareholders’ meeting | 05/21/1997 | 05/17/2001 | 05/17/2001 | |||||||||||||||||
Grant date(d) | 07/11/2000 | 07/10/2001 | 07/09/2002 | |||||||||||||||||
Exercise price until May 23, 2006 included(e) | 40.68 | 42.05 | 39.58 | |||||||||||||||||
Exercise price since May 24, 2006(e) | 40.11 | 41.47 | 39.03 | |||||||||||||||||
Expiry date | 07/11/2008 | 07/10/2009 | 07/09/2010 | |||||||||||||||||
Number of options(f) | ||||||||||||||||||||
Outstanding as of January 1, 2008 | 3,142,188 | 5,150,258 | 7,063,183 | 15,355,629 | 40.07 | |||||||||||||||
Awarded | — | — | — | — | — | |||||||||||||||
Canceled | (480,475 | ) | (3,652 | ) | (13,392 | ) | (497,519 | ) | 40.09 | |||||||||||
Exercised | (2,661,713 | ) | (455,180 | ) | (598,934 | ) | (3,715,827 | ) | 40.10 | |||||||||||
Outstanding as of January 1, 2009 | — | 4,691,426 | 6,450,857 | 11,142,283 | 40.06 | |||||||||||||||
Awarded | — | — | — | — | ||||||||||||||||
Canceled | (4,650,446 | ) | (7,920 | ) | (4,658,366 | ) | 41.47 | |||||||||||||
Exercised | (40,980 | ) | (507,676 | ) | (548,656 | ) | 39.21 | |||||||||||||
Outstanding as of January 1, 2010 | — | 5,935,261 | 5,935,261 | 39.03 | ||||||||||||||||
Awarded | — | — | — | |||||||||||||||||
Canceled(g) | (4,671,989 | ) | (4,671,989 | ) | 39.03 | |||||||||||||||
Exercised | (1,263,272 | ) | (1,263,272 | ) | 39.03 | |||||||||||||||
Outstanding as of December 31, 2010 | — | — | — | |||||||||||||||||
(a) | Options were exercisable, subject to a continued employment condition, after a4-year vesting period from the date of the Board meeting awarding the options and expired eight years after this date. The underlying shares may not be transferred during the5-year period from the date of the grant. This plan expired on July 11, 2008. | |
(b) | Options were exercisable, subject to a continued employment condition, after a 3.5-year vesting period from the date of the Board meeting awarding the options and expired eight years after this date. The underlying shares may not be transferred during the4-year period from the date of the grant. This plan expired on July 10, 2009. | |
(c) | Options were exercisable, subject to a continued employment condition, after a2-year vesting period from the date of the Board meeting awarding the options and expired eight years after this date. The underlying shares may not be transferred during the4-year period from the date of the grant. This plan expired on July 9, 2010. | |
(d) | The grant date is the date of the Board meeting awarding the options. | |
(e) | Exercise price in euro. The exercise prices of TOTAL share purchase options of the plans at that date were multiplied by 0.25 to take into account thefour-for-one stock split on May 18, 2006. Moreover, following the spin-off of Arkema, the exercise prices of TOTAL share purchase options of these plans were multiplied by an adjustment factor equal to 0.986147 effective as of May 24, 2006. | |
(f) | The number of options awarded, outstanding, canceled or exercised before May 23, 2006 included, was multiplied by four to take into account thefour-for-one stock split approved by the shareholders’ meeting on May 12, 2006. | |
(g) | Out of the 4,671,989 options canceled in 2010, 4,671,145 options that were not exercised expired due to the expiry of the 2002 purchase option Plan on July 9, 2010. |
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2005 Plan | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | Total | ||||||||||||||||||||||
Date of the shareholders’ meeting | 05/17/2005 | 05/17/2005 | 05/17/2005 | 05/16/2008 | 05/16/2008 | 05/16/2008 | ||||||||||||||||||||||
Grant date(a) | 07/19/2005 | 07/18/2006 | 07/17/2007 | 10/09/2008 | 09/15/2009 | 09/14/2010 | ||||||||||||||||||||||
Final grant date (end of the vesting period) | 07/20/2007 | 07/19/2008 | 07/18/2009 | 10/10/2010 | 09/16/2011 | 09/15/2012 | ||||||||||||||||||||||
Transfer possible from | 07/20/2009 | 07/19/2010 | 07/18/2011 | 10/10/2012 | 09/16/2013 | 09/15/2014 | ||||||||||||||||||||||
Number of restricted shares | ||||||||||||||||||||||||||||
Outstanding as of January 1, 2008 | — | 2,263,956 | 2,363,057 | 4,627,013 | ||||||||||||||||||||||||
Awarded | — | — | — | 2,791,968 | 2,791,968 | |||||||||||||||||||||||
Canceled | 2,840 | (43,822 | ) | (29,504 | ) | (19,220 | ) | (89,706 | ) | |||||||||||||||||||
Finally granted(b)(c) | (2,840 | ) | (2,220,134 | ) | (336 | ) | — | (2,223,310 | ) | |||||||||||||||||||
Outstanding as of January 1, 2009 | — | — | 2,333,217 | 2,772,748 | 5,105,965 | |||||||||||||||||||||||
Awarded | — | — | — | — | 2,972,018 | 2,972,018 | ||||||||||||||||||||||
Canceled | 1,928 | 2,922 | (12,418 | ) | (9,672 | ) | (5,982 | ) | (23,222 | ) | ||||||||||||||||||
Finally granted(b)(c) | (1,928 | ) | (2,922 | ) | (2,320,799 | ) | (600 | ) | — | (2,326,249 | ) | |||||||||||||||||
Outstanding as of January 1, 2010 | — | — | — | 2,762,476 | 2,966,036 | 5,728,512 | ||||||||||||||||||||||
Awarded | — | — | — | — | — | 3,010,011 | 3,010,011 | |||||||||||||||||||||
Canceled(d) | 1,024 | 3,034 | 552 | (1,113,462 | ) | (9,796 | ) | (8,738 | ) | (1,127,386 | ) | |||||||||||||||||
Finally granted(b)(c) | (1,024 | ) | (3,034 | ) | (552 | ) | (1,649,014 | ) | (1,904 | ) | (636 | ) | (1,656,164 | ) | ||||||||||||||
Outstanding as of December 31, 2010 | — | — | — | — | 2,954,336 | 3,000,637 | 5,954,973 | |||||||||||||||||||||
(a) | The grant date is the date of the Board of Directors meeting that awarded the shares, except for the shares awarded by the Board of Directors at their meeting of September 9, 2008, and granted on October 9, 2008. | |
(b) | Restricted shares finally granted following the death of their beneficiaries (2007 Plan for fiscal year 2008, 2008 Plan for fiscal year 2009, 2009 Plan for fiscal year 2010). | |
(c) | Including restricted shares finally granted for which the entitlement right had been canceled erroneously. | |
(d) | Out of the 1,113,462 canceled rights to the grant share under the 2008 Plan, 1,094,914 entitlement rights were canceled due to the performance condition. The acquisition rate for the 2008 Plan was 60%. |
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• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on a straight-line basis between 0% and 100% if the average ROE is greater than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is greater than or equal to 18%. |
• | is equal to zero if the average ROE is less than or equal to 7%; |
• | varies on a straight-line basis between 0% and 100% if the average ROE is greater than 7% and less than 18%; and |
• | is equal to 100% if the average ROE is greater than or equal to 18%. |
• | is equal to zero if the ROE is less than or equal to 10%; |
• | varies on a straight-line basis between 0% and 80% if the ROE is greater than 10% and less than 18%; |
• | varies on a straight-line basis between 80% and 100% if the ROE is greater than or equal to 18% and less than 30%; and |
• | is equal to 100% if the ROE is greater than or equal to 30%. |
E. | GLOBAL FREE TOTAL SHARE PLAN |
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2010 Plan | 2010 Plan | |||||||||||
(2+2) | (4+0) | Total | ||||||||||
Date of the shareholders’ meeting | 05/16/2008 | 05/16/2008 | ||||||||||
Grant date(a) | 06/30/2010 | 06/30/2010 | ||||||||||
Final grant date (end of the vesting period) | 07/01/2012 | 07/01/2014 | ||||||||||
Transfer possible from | 07/01/2014 | 07/01/2014 | ||||||||||
Number of free shares | ||||||||||||
Outstanding as of January 1, 2008 | ||||||||||||
Awarded | ||||||||||||
Canceled | ||||||||||||
Finally granted | ||||||||||||
Outstanding as of January 1, 2009 | ||||||||||||
Awarded | ||||||||||||
Canceled | ||||||||||||
Finally granted | ||||||||||||
Outstanding as of January 1, 2010 | ||||||||||||
Awarded | 1,508,850 | 1,070,650 | 2,579,500 | |||||||||
Canceled | (125 | ) | (75 | ) | (200 | ) | ||||||
Finally granted(b) | (75 | ) | — | (75 | ) | |||||||
Outstanding as of December 31, 2010 | 1,508,650 | 1,070,575 | 2,579,225 | |||||||||
(a) | The June 30, 2010, grant was decided by the Board of Directors on May 21, 2010. | |
(b) | Final grant following the death or disability of the beneficiary of the shares. |
F. | SHARE-BASED PAYMENT EXPENSE |
• | €31 million for TOTAL share subscription plans; and |
• | €109 million for TOTAL restricted shares plans. |
• | €38 million for TOTAL share subscription plans; and |
• | €68 million for TOTAL restricted shares plans. |
• | €61 million for TOTAL share subscription plans; |
• | €105 million for TOTAL restricted shares plans; and |
• | €(12) million for the adjustment to the expense booked in 2007 related to TOTAL capital increase reserved for employees (see Note 17 to the Consolidated Financial Statements). |
For the year ended December 31, | 2010 | 2009 | 2008 | |||||||||
Risk free interest rate (%)(a) | 2.1 | 2.9 | 4.3 | |||||||||
Expected dividends (%)(b) | 5.9 | 4.8 | 8.4 | |||||||||
Expected volatility (%)(c) | 25.0 | 31.0 | 32.7 | |||||||||
Vesting period (years) | 2 | 2 | 2 | |||||||||
Exercise period (years) | 8 | 8 | 8 | |||||||||
Fair value of the granted options (€ per option) | 5.8 | 8.4 | 5.0 | |||||||||
(a) | Zero coupon Euro swap rate at 6 years. |
(b) | The expected dividends are based on the price of TOTAL share derivatives traded on the markets. | |
(c) | The expected volatility is based on the implied volatility of TOTAL share options and of share indices options traded on the markets. |
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26) | PAYROLL AND STAFF |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Personnel expenses | ||||||||||||
Wages and salaries (including social charges) | 6,246 | 6,177 | 6,014 | |||||||||
Group employees | ||||||||||||
France | ||||||||||||
• Management | 10,852 | 10,906 | 10,688 | |||||||||
• Other | 24,317 | 25,501 | 26,413 | |||||||||
International | ||||||||||||
• Management | 15,146 | 15,243 | 14,709 | |||||||||
• Other | 42,540 | 44,737 | 45,149 | |||||||||
Total | 92,855 | 96,387 | 96,959 | |||||||||
27) | STATEMENT OF CASH FLOWS |
A) | Cash flow from operating activities |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Interests paid | (470 | ) | (678 | ) | (958 | ) | ||||||
Interests received | 132 | 148 | 505 | |||||||||
Income tax paid | (6,990 | ) | (6,202 | ) | (10,631 | ) | ||||||
Dividends received | 1,722 | 1,456 | 1,590 | |||||||||
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Inventories | (1,896 | ) | (4,217 | ) | 4,020 | |||||||
Accounts receivable | (2,712 | ) | (344 | ) | 3,222 | |||||||
Other current assets | 911 | 1,505 | (982 | ) | ||||||||
Accounts payable | 2,482 | 571 | (3,056 | ) | ||||||||
Other creditors and accrued liabilities | 719 | (831 | ) | (633 | ) | |||||||
Net amount | (496 | ) | (3,316 | ) | 2,571 | |||||||
B) | Cash flow used in financing activities |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Issuance of non-current debt | 3,995 | 6,309 | 5,513 | |||||||||
Repayment of non-current debt | (206 | ) | (787 | ) | (2,504 | ) | ||||||
Net amount | 3,789 | 5,522 | 3,009 | |||||||||
C) | Cash and cash equivalents |
For the year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Cash | 4,679 | 2,448 | 1,836 | |||||||||
Cash equivalents | 9,810 | 9,214 | 10,485 | |||||||||
Total | 14,489 | 11,662 | 12,321 | |||||||||
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28) | FINANCIAL ASSETS AND LIABILITIES ANALYSIS PER INSTRUMENTS CLASS AND STRATEGY |
Other financial | Fair | |||||||||||||||||||||||||||||||||||||||
Financial instruments related to financing and trading activities | instruments | Total | value | |||||||||||||||||||||||||||||||||||||
As of December 31, 2010 | Amortized | Fair | ||||||||||||||||||||||||||||||||||||||
(M€) | cost | value | ||||||||||||||||||||||||||||||||||||||
Assets / | Available | Held for | Hedging of | Cash | Net investment | |||||||||||||||||||||||||||||||||||
(Liabilities) | for sale(a) | trading | Financial debt(b) | financial debt | flow hedge | hedge and other | ||||||||||||||||||||||||||||||||||
Equity affiliates: | ||||||||||||||||||||||||||||||||||||||||
loans | 2,383 | 2,383 | 2,383 | |||||||||||||||||||||||||||||||||||||
Other investments | 4,590 | 4,590 | 4,590 | |||||||||||||||||||||||||||||||||||||
Hedging instruments of non-current financial debt | 1,814 | 56 | 1,870 | 1,870 | ||||||||||||||||||||||||||||||||||||
Other non-current assets | 1,596 | 1,596 | 1,596 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 18,159 | 18,159 | 18,159 | |||||||||||||||||||||||||||||||||||||
Other operating receivables | 499 | 3,908 | 4,407 | 4,407 | ||||||||||||||||||||||||||||||||||||
Current financial assets | 869 | 38 | 292 | 6 | 1,205 | 1,205 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 14,489 | 14,489 | 14,489 | |||||||||||||||||||||||||||||||||||||
Total financial assets | 4,848 | 4,590 | 537 | — | 2,106 | 56 | 6 | 36,556 | 48,699 | 48,699 | ||||||||||||||||||||||||||||||
Total non-financial assets | 95,019 | |||||||||||||||||||||||||||||||||||||||
Total assets | 143,718 | |||||||||||||||||||||||||||||||||||||||
Non-current financial | (3,186 | ) | (17,419 | ) | (178 | ) | (20,783 | ) | (21,172 | ) | ||||||||||||||||||||||||||||||
debt | ||||||||||||||||||||||||||||||||||||||||
Accounts payable | (18,450 | ) | (18,450 | ) | (18,450 | ) | ||||||||||||||||||||||||||||||||||
Other operating | (559 | ) | (3,015 | ) | (3,574 | ) | (3,574 | ) | ||||||||||||||||||||||||||||||||
liabilities | ||||||||||||||||||||||||||||||||||||||||
Current borrowings | (5,916 | ) | (3,737 | ) | (9,653 | ) | (9,653 | ) | ||||||||||||||||||||||||||||||||
Other current financial liabilities | (147 | ) | (12 | ) | — | (159 | ) | (159 | ) | |||||||||||||||||||||||||||||||
Total financial liabilities | (9,102 | ) | (706 | ) | (21,156 | ) | (190 | ) | — | — | (21,465 | ) | (52,619 | ) | (53,008 | ) | ||||||||||||||||||||||||
Total non-financial liabilities | (91,099 | ) | ||||||||||||||||||||||||||||||||||||||
Total liabilities | (143,718 | ) |
(a) | Financial assets available for sale are measured at their fair value except for unlisted securities (see Note 1 paragraph M(ii) and Note 13 to the Consolidated Financial Statements). | |
(b) | The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 1 paragraph M(iii) to the Consolidated Financial Statements). |
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Other financial | Fair | |||||||||||||||||||||||||||||||||||||||
Financial instruments related to financing and trading activities | instruments | Total | value | |||||||||||||||||||||||||||||||||||||
As of December 31, 2009 | Amortized | Fair | ||||||||||||||||||||||||||||||||||||||
(M€) | cost | value | ||||||||||||||||||||||||||||||||||||||
Assets / | Available | Held for | Hedging of | Cash | Net investment | |||||||||||||||||||||||||||||||||||
(Liabilities) | for sale(a) | trading | Financial debt(b) | financial debt | flow hedge | hedge and other | ||||||||||||||||||||||||||||||||||
Equity affiliates: | ||||||||||||||||||||||||||||||||||||||||
loans | 2,367 | 2,367 | 2,367 | |||||||||||||||||||||||||||||||||||||
Other investments | 1,162 | 1,162 | 1,162 | |||||||||||||||||||||||||||||||||||||
Hedging instruments of non-current financial debt | 889 | 136 | 1,025 | 1,025 | ||||||||||||||||||||||||||||||||||||
Other non-current assets | 1,284 | 1,284 | 1,284 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | 15,719 | 15,719 | 15,719 | |||||||||||||||||||||||||||||||||||||
Other operating receivables | 1,029 | 4,116 | 5,145 | 5,145 | ||||||||||||||||||||||||||||||||||||
Current financial assets | 55 | 53 | 197 | 6 | 311 | 311 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 11,662 | 11,662 | 11,662 | |||||||||||||||||||||||||||||||||||||
Total financial assets | 3,706 | 1,162 | 1,082 | — | 1,086 | 136 | 6 | 31,497 | 38,675 | 38,675 | ||||||||||||||||||||||||||||||
Total non-financial assets | 89,078 | |||||||||||||||||||||||||||||||||||||||
Total assets | 127,753 | |||||||||||||||||||||||||||||||||||||||
Non-current financial debt | (2,089 | ) | (17,107 | ) | (241 | ) | (19,437 | ) | (19,905 | ) | ||||||||||||||||||||||||||||||
Accounts payable | (15,383 | ) | (15,383 | ) | (15,383 | ) | ||||||||||||||||||||||||||||||||||
Other operating liabilities | (923 | ) | (3,783 | ) | (4,706 | ) | (4,706 | ) | ||||||||||||||||||||||||||||||||
Current borrowings | (4,849 | ) | (2,145 | ) | (6,994 | ) | (6,994 | ) | ||||||||||||||||||||||||||||||||
Other current financial liabilities | (25 | ) | (97 | ) | (1 | ) | (123 | ) | (123 | ) | ||||||||||||||||||||||||||||||
Total financial liabilities | (6,938 | ) | (948 | ) | (19,252 | ) | (338 | ) | — | (1 | ) | (19,166 | ) | (46,643 | ) | (47,111 | ) | |||||||||||||||||||||||
Total non-financial liabilities | (81,110 | ) | ||||||||||||||||||||||||||||||||||||||
Total liabilities | (127,753 | ) | ||||||||||||||||||||||||||||||||||||||
(a) | Financial assets available for sale are measured at their fair value except for unlisted securities (see Note 1 paragraph M(ii) and Note 13 to the Consolidated Financial Statements). | |
(b) | The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 1 paragraph M(iii) to the Consolidated Financial Statements). |
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Other financial | Fair | |||||||||||||||||||||||||||||||||||||||
Financial instruments related to financing and trading activities | instruments | Total | value | |||||||||||||||||||||||||||||||||||||
As of December 31, 2008 | Amortized | Fair | ||||||||||||||||||||||||||||||||||||||
(M€) | cost | value | ||||||||||||||||||||||||||||||||||||||
Assets / | Available | Held for | Hedging of | Net investment | ||||||||||||||||||||||||||||||||||||
(Liabilities) | for sale(a) | trading | Financial debt(b) | financial debt | Cash flow hedge | hedge and other | ||||||||||||||||||||||||||||||||||
Equity affiliates: | ||||||||||||||||||||||||||||||||||||||||
loans | 2,005 | 2,005 | 2,005 | |||||||||||||||||||||||||||||||||||||
Other investments | 1,165 | 1,165 | 1,165 | |||||||||||||||||||||||||||||||||||||
Hedging instruments of non-current financial debt | 892 | 892 | 892 | |||||||||||||||||||||||||||||||||||||
Other non-current assets | 1,403 | 1,403 | 1,403 | |||||||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 15,287 | 15,287 | 15,287 | ||||||||||||||||||||||||||||||||||||
Other operating receivables | 1,664 | 4,544 | 6,208 | 6,208 | ||||||||||||||||||||||||||||||||||||
Current financial assets | 1 | 86 | 100 | — | 187 | 187 | ||||||||||||||||||||||||||||||||||
Cash and cash | 12,321 | 12,321 | 12,321 | |||||||||||||||||||||||||||||||||||||
equivalents | ||||||||||||||||||||||||||||||||||||||||
Total financial assets | 3,409 | 1,165 | 1,750 | — | 992 | — | — | 32,152 | 39,468 | 39,468 | ||||||||||||||||||||||||||||||
Total non-financial assets | 78,842 | |||||||||||||||||||||||||||||||||||||||
Total assets | 118,310 | |||||||||||||||||||||||||||||||||||||||
Non-current financial debt | (701 | ) | (15,050 | ) | (440 | ) | (16,191 | ) | (16,191 | ) | ||||||||||||||||||||||||||||||
Accounts payable | — | (14,815 | ) | (14,815 | ) | (14,815 | ) | |||||||||||||||||||||||||||||||||
Other operating liabilities | (1,033 | ) | (3,264 | ) | (4,297 | ) | (4,297 | ) | ||||||||||||||||||||||||||||||||
Current borrowings | (5,721 | ) | (2,001 | ) | (7,722 | ) | (7,722 | ) | ||||||||||||||||||||||||||||||||
Other current financial liabilities | (146 | ) | (12 | ) | (158 | ) | (158 | ) | ||||||||||||||||||||||||||||||||
Total financial liabilities | (6,422 | ) | (1,179 | ) | (17,051 | ) | (452 | ) | — | — | (18,079 | ) | (43,183 | ) | (43,183 | ) | ||||||||||||||||||||||||
Total non-financial liabilities | (75,127 | ) | ||||||||||||||||||||||||||||||||||||||
Total liabilities | (118,310 | ) | ||||||||||||||||||||||||||||||||||||||
(a) | Financial assets available for sale are measured at their fair value except for unlisted securities (see Note 1 paragraph M(ii) and Note 13 to the Consolidated Financial Statements). |
(b) | The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 1 paragraph M(iii) to the Consolidated Financial Statements). |
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29) | FAIR VALUE OF FINANCIAL INSTRUMENTS (EXCLUDING COMMODITY CONTRACTS) |
A) | IMPACT ON THE STATEMENT OF INCOME PER NATURE OF FINANCIAL INSTRUMENTS |
For the year ended December 31, | ||||||||||||
(M€) | 2010 | 2009 | 2008 | |||||||||
Assets available for sale (investments): | ||||||||||||
— Dividend income on non-consolidated subsidiaries | 255 | 210 | 238 | |||||||||
— Gains (losses) on disposal of assets | 60 | 6 | 15 | |||||||||
— Other | (17 | ) | (18 | ) | (15 | ) | ||||||
Loans and receivables | 90 | 41 | 100 | |||||||||
Impact on net operating income | 388 | 239 | 338 | |||||||||
• | Dividends and gains or losses on disposal of other investments classified as “Other investments”; |
• | Financial gains and depreciation on loans related to equity affiliates, non-consolidated companies and on receivables reported in “Loans and receivables”. |
For the year ended December 31, | ||||||||||||
(M€) | 2010 | 2009 | 2008 | |||||||||
Loans and receivables | 133 | 158 | 547 | |||||||||
Financing liabilities and associated hedging instruments | (469 | ) | (563 | ) | (996 | ) | ||||||
Fair value hedge (ineffective portion) | 4 | 33 | (4 | ) | ||||||||
Assets and liabilities held for trading | (2 | ) | (26 | ) | (74 | ) | ||||||
Impact on the cost of net debt | (334 | ) | (398 | ) | (527 | ) | ||||||
• | Financial income on cash, cash equivalents, and current financial assets (notably current deposits beyond three months) classified as “Loans and receivables”; |
• | Financial expense of long term subsidiaries financing, associated hedging instruments (excluding ineffective portion of the hedge detailed below) and financial expense of short term financing classified as “Financing liabilities and associated hedging instruments”; |
• | Ineffective portion of bond hedging; and |
• | Financial income, financial expense and fair value of derivative instruments used for cash management purposes classified as “Assets and liabilities held for trading”. |
B) | IMPACT OF THE HEDGING STRATEGIES |
For the year ended December 31, | ||||||||||||
(M€) | 2010 | 2009 | 2008 | |||||||||
Revaluation at market value of | ||||||||||||
bonds | (1,164 | ) | (183 | ) | (66 | ) | ||||||
Swap hedging of bonds | 1,168 | 216 | 62 | |||||||||
Ineffective portion of the fair value hedge | 4 | 33 | (4 | ) | ||||||||
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For the year ended December 31, (M€) | As of January 1, | Variations | Disposals | As of December 31, | ||||||||||||
2010 | 25 | (268 | ) | — | (243 | ) | ||||||||||
2009 | 124 | (99 | ) | — | 25 | |||||||||||
2008 | 29 | 95 | — | 124 | ||||||||||||
For The year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Profit (Loss) recorded in equity during the period | (80 | ) | 128 | — | ||||||||
Recycled amount from equity to the income statement during the period | (115 | ) | 221 | — | ||||||||
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C) | MATURITY OF DERIVATIVE INSTRUMENTS |
As of December 31, 2010 (M€) | Notional value(a) | |||||||||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||||||
Fair | and | |||||||||||||||||||||||||||||||
ASSETS/(LIABILITIES) | value | Total | 2011 | 2012 | 2013 | 2014 | 2015 | after | ||||||||||||||||||||||||
Fair value hedge | ||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) | (178 | ) | 2,244 | |||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) | 1,814 | 13,939 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 1,636 | 16,183 | 2,967 | 3,461 | 2,421 | 3,328 | 4,006 | |||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) | (12 | ) | 592 | |||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) | 292 | 2,815 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) | 280 | 3,407 | 3,407 | |||||||||||||||||||||||||||||
Cash flow hedge | ||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) | — | — | ||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) | 56 | 1,957 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 56 | 1,957 | 295 | 1,662 | ||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) | ||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) | ||||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) | — | — | — | |||||||||||||||||||||||||||||
Net investment hedge | ||||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) | 6 | 381 | ||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) | — | �� | — | |||||||||||||||||||||||||||||
Total swaps hedging net investments | 6 | 381 | 381 | |||||||||||||||||||||||||||||
Held for trading | ||||||||||||||||||||||||||||||||
Other interest rate swaps (assets) | 1 | 6,463 | ||||||||||||||||||||||||||||||
Other interest rate swaps (liabilities) | (3 | ) | 11,395 | |||||||||||||||||||||||||||||
Total other interest rate swaps (assets and liabilities) | (2 | ) | 17,858 | 17,667 | 189 | — | — | 2 | — | |||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) | 37 | 1,532 | ||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) | (144 | ) | 6,757 | |||||||||||||||||||||||||||||
Total currency swaps and forward exchange contracts (assets and liabilities) | (107 | ) | 8,289 | 8,102 | — | 25 | 49 | 31 | 82 | |||||||||||||||||||||||
(a) | These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss. |
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As of December 31, 2009 (M€) | Notional value(a) | |||||||||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||
Fair | and | |||||||||||||||||||||||||||||||
ASSETS/(LIABILITIES) | value | Total | 2010 | 2011 | 2012 | 2013 | 2014 | after | ||||||||||||||||||||||||
Fair value hedge | ||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) | (241 | ) | 4,615 | |||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) | 889 | 11,076 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 648 | 15,691 | — | 3,345 | 2,914 | 3,450 | 1,884 | 4,098 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) | (97 | ) | 912 | |||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) | 197 | 1,084 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) | 100 | 1,996 | 1,996 | |||||||||||||||||||||||||||||
Cash flow hedge | ||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) Swaps hedging fixed-rates bonds (assets) | 136 | 1,837 | 295 | 1,542 | ||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 136 | 1,837 | 295 | 1,542 | ||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) Swaps hedging fixed-rates bonds (current portion) (assets) | ||||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) | ||||||||||||||||||||||||||||||||
Net investment hedge | ||||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) | 6 | 701 | ||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) | (1 | ) | 224 | |||||||||||||||||||||||||||||
Total swaps hedging net investments | 5 | 925 | 925 | |||||||||||||||||||||||||||||
Held for trading | ||||||||||||||||||||||||||||||||
Other interest rate swaps (assets) | 1,459 | |||||||||||||||||||||||||||||||
Other interest rate swaps (liabilities) | (1 | ) | 10,865 | |||||||||||||||||||||||||||||
Total other interest rate swaps (assets and liabilities) | (1 | ) | 12,324 | 12,208 | 114 | 2 | ||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) | 53 | 4,017 | ||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) | (24 | ) | 3,456 | |||||||||||||||||||||||||||||
Total currency swaps and forward exchange contracts (assets and liabilities) | 29 | 7,473 | 7,224 | 52 | 50 | 47 | 100 | |||||||||||||||||||||||||
(a) | These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss. |
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As of December 31, 2008 (M€) | Notional value(a) | |||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Fair | and | |||||||||||||||||||||||||||||||
ASSETS/(LIABILITIES) | value | Total | 2009 | 2010 | 2011 | 2012 | 2013 | after | ||||||||||||||||||||||||
Fair value hedge | ||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) | (440 | ) | 9,309 | |||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) | 892 | 4,195 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 452 | 13,504 | — | 2,048 | 3,373 | 3,233 | 3,032 | 1,818 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) | (12 | ) | 92 | |||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) | 100 | 1,871 | ||||||||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) | 88 | 1,963 | 1,963 | |||||||||||||||||||||||||||||
Net investment hedge | ||||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) | — | 1,347 | 1,347 | |||||||||||||||||||||||||||||
Held for trading | ||||||||||||||||||||||||||||||||
Other interest rate swaps (assets) | — | 2,853 | ||||||||||||||||||||||||||||||
Other interest rate swaps (liabilities) | (4 | ) | 5,712 | |||||||||||||||||||||||||||||
Total other interest rate swaps (assets and liabilities) | (4 | ) | 8,565 | 8,559 | 4 | 2 | ||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) | 86 | 5,458 | ||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) | (142 | ) | 2,167 | |||||||||||||||||||||||||||||
Total currency swaps and forward exchange contracts (assets and liabilities) | (56 | ) | 7,625 | 6,595 | 483 | 114 | 67 | 76 | 290 | |||||||||||||||||||||||
(a) | These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss. |
D) | FAIR VALUE HIERARCHY |
Quoted prices in | ||||||||||||||||
active markets | Prices based on | |||||||||||||||
for identical | Prices based on | non observable | ||||||||||||||
assets | observable data | data | ||||||||||||||
As of December 31, 2010 (M€) | (level 1) | (level 2) | (level 3) | Total | ||||||||||||
Fair value hedge instruments | — | 1,916 | — | 1,916 | ||||||||||||
Cash flow hedge instruments | — | 56 | — | 56 | ||||||||||||
Net investment hedge instruments | — | 6 | — | 6 | ||||||||||||
Assets and liabilities held for trading | — | (109 | ) | — | (109 | ) | ||||||||||
Assets available for sale | 3,631 | — | — | 3,631 | ||||||||||||
Total | 3,631 | 1,869 | — | 5,500 | ||||||||||||
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Quoted prices in | ||||||||||||||||
active markets | Prices based on | |||||||||||||||
for identical | Prices based on | non observable | ||||||||||||||
assets | observable data | data | ||||||||||||||
As of December 31, 2009 (M€) | (level 1) | (level 2) | (level 3) | Total | ||||||||||||
Fair value hedge instruments | — | 748 | — | 748 | ||||||||||||
Cash flow hedge instruments | — | 136 | — | 136 | ||||||||||||
Net investment hedge instruments | — | 5 | — | 5 | ||||||||||||
Assets and liabilities held for trading | — | 28 | — | 28 | ||||||||||||
Assets available for sale | 232 | — | — | 232 | ||||||||||||
Total | 232 | 917 | — | 1,149 | ||||||||||||
30) | FINANCIAL INSTRUMENTS RELATED TO COMMODITY CONTRACTS |
As of December 31, 2010 (M€) | ||||||||
Carrying | Fair | |||||||
Assets/(Liabilities) | amount | value(b) | ||||||
Crude oil, petroleum products and freight rates activities | ||||||||
Petroleum products and crude oil swaps | (2 | ) | (2 | ) | ||||
Freight rate swaps | — | — | ||||||
Forwards(a) | 5 | 5 | ||||||
Options | 51 | 51 | ||||||
Futures | (12 | ) | (12 | ) | ||||
Options on futures | (4 | ) | (4 | ) | ||||
Total crude oil, petroleum products and freight rates | 38 | 38 | ||||||
Gas & Power activities | ||||||||
Swaps | (1 | ) | (1 | ) | ||||
Forwards(a) | (102 | ) | (102 | ) | ||||
Options | 5 | 5 | ||||||
Futures | — | — | ||||||
Total Gas & Power | (98 | ) | (98 | ) | ||||
Total | (60 | ) | (60 | ) | ||||
Total of fair value non recognized in the balance sheet | — | |||||||
(a) | Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. | |
(b) | When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid on the face of the balance sheet, this fair value is set to zero. |
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As of December 31, 2009 (M€) | ||||||||
Carrying | Fair | |||||||
ASSETS/(LIABILITIES) | amount | value(b) | ||||||
Crude oil, petroleum products and freight rates activities | ||||||||
Petroleum products and crude oil swaps | (29 | ) | (29 | ) | ||||
Freight rate swaps | — | — | ||||||
Forwards(a) | (9 | ) | (9 | ) | ||||
Options | 21 | 21 | ||||||
Futures | (17 | ) | (17 | ) | ||||
Options on futures | 6 | 6 | ||||||
Total crude oil, petroleum products and freight rates | (28 | ) | (28 | ) | ||||
Gas & Power activities | ||||||||
Swaps | 52 | 52 | ||||||
Forwards(a) | 78 | 78 | ||||||
Options | 4 | 4 | ||||||
Futures | — | — | ||||||
Total Gas & Power | 134 | 134 | ||||||
Total | 106 | 106 | ||||||
Total of fair value non recognized in the balance sheet | — | |||||||
(a) | Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. | |
(b) | When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid on the face of the balance sheet, this fair value is set to zero. |
As of December 31, 2008 (M€) | ||||||||
Carrying | Fair | |||||||
ASSETS/(LIABILITIES) | amount | value(b) | ||||||
Crude oil, petroleum products and freight rates activities | ||||||||
Petroleum products and crude oil swaps | 141 | 141 | ||||||
Freight rate swaps | 8 | 8 | ||||||
Forwards(a) | (120 | ) | (120 | ) | ||||
Options | — | — | ||||||
Futures | 17 | 17 | ||||||
Options on futures | (7 | ) | (7 | ) | ||||
Total crude oil, petroleum products and freight rates | 39 | 39 | ||||||
Gas & Power activities | ||||||||
Swaps | (48 | ) | (48 | ) | ||||
Forwards(a) | 659 | 659 | ||||||
Options | — | — | ||||||
Futures | (19 | ) | (19 | ) | ||||
Total Gas & Power | 592 | 592 | ||||||
Total | 631 | 631 | ||||||
Total of fair value non recognized in the balance sheet | — | |||||||
(a) | Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. | |
(b) | When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid on the face of the balance sheet, this fair value is set to zero. |
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Fair value as | Impact on | Settled | Fair value as | |||||||||||||||||
For the year ended December 31, (M€) | of January 1, | income | contracts | Other | of December 31, | |||||||||||||||
Crude oil, petroleum products and freight rates activities | ||||||||||||||||||||
2010 | (28 | ) | 1,556 | (1,488 | ) | (2 | ) | 38 | ||||||||||||
2009 | 39 | 1,713 | (1,779 | ) | (1 | ) | (28 | ) | ||||||||||||
2008 | 18 | 1,734 | (1,715 | ) | 2 | 39 | ||||||||||||||
Gas & Power activities | ||||||||||||||||||||
2010 | 134 | 410 | (648 | ) | 6 | (98 | ) | |||||||||||||
2009 | 592 | 327 | (824 | ) | 39 | 134 | ||||||||||||||
2008 | 232 | 787 | (310 | ) | (117 | ) | 592 | |||||||||||||
Quoted prices | Prices based | Prices based | ||||||||||||||
in active | on | on non | ||||||||||||||
markets for | observable | observable | ||||||||||||||
identical assets | data | data | ||||||||||||||
As of December 31, 2010 (M€) | (level 1) | (level 2) | (level 3) | Total | ||||||||||||
Crude oil, petroleum products and freight rates activities | (10 | ) | 48 | — | 38 | |||||||||||
Gas & Power activities | 50 | (148 | ) | — | (98 | ) | ||||||||||
Total | 40 | (100 | ) | — | (60 | ) | ||||||||||
Quoted prices | Prices based | Prices based | ||||||||||||||
in active | on | on non | ||||||||||||||
markets for | observable | observable | ||||||||||||||
identical assets | data | data | ||||||||||||||
As of December 31, 2009 (M€) | (level 1) | (level 2) | (level 3) | Total | ||||||||||||
Crude oil, petroleum products and freight rates activities | (45 | ) | 17 | — | (28 | ) | ||||||||||
Gas & Power activities | 140 | (6 | ) | — | 134 | |||||||||||
Total | 95 | 11 | — | 106 | ||||||||||||
31) | MARKET RISKS |
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As of December 31, | Year | |||||||||||||||
(M€) | High | Low | Average | end | ||||||||||||
2010 | 23.1 | 3.4 | 8.9 | 3.8 | ||||||||||||
2009 | 18.8 | 5.8 | 10.2 | 7.6 | ||||||||||||
2008 | 13.5 | 2.8 | 6.9 | 11.8 | ||||||||||||
As of December 31, | Year | |||||||||||||||
(M€) | High | Low | Average | end | ||||||||||||
2010 | 13.9 | 2.7 | 6.8 | 10.0 | ||||||||||||
2009 | 9.8 | 1.9 | 5.0 | 4.8 | ||||||||||||
2008 | 16.3 | 1.3 | 5.0 | 1.4 | ||||||||||||
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ASSETS/(LIABILITIES) | Change in fair value due to a | |||||||||||||||
(M€) | Carrying | Estimated | change in interest rate by | |||||||||||||
As of December 31, 2010 | amount | fair value | + 10 basis points | - 10 basis points | ||||||||||||
Bonds (non-current portion, before swaps) | (20,019 | ) | (20,408 | ) | 86 | (84 | ) | |||||||||
Swaps hedging fixed-rates bonds (liabilities) | (178 | ) | (178 | ) | ||||||||||||
Swaps hedging fixed-rates bonds (assets) | 1,870 | 1,870 | ||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 1,692 | 1,692 | (59 | ) | 59 | |||||||||||
Current portion of non-current debt after swap (excluding capital lease obligations) | 3,483 | 3,483 | 4 | (4 | ) | |||||||||||
Other interest rates swaps | (2 | ) | (2 | ) | 3 | (3 | ) | |||||||||
Currency swaps and forward exchange contracts | (101 | ) | (101 | ) | — | — | ||||||||||
As of December 31, 2009 | ||||||||||||||||
Bonds (non-current portion, before swaps) | (18,368 | ) | (18,836 | ) | 75 | (75 | ) | |||||||||
Swaps hedging fixed-rates bonds (liabilities) | (241 | ) | (241 | ) | ||||||||||||
Swaps hedging fixed-rates bonds (assets) | 1,025 | 1,025 | ||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 784 | 784 | (57 | ) | 57 | |||||||||||
Current portion of non-current debt after swap (excluding capital lease obligations) | (2,111 | ) | (2,111 | ) | 3 | (3 | ) | |||||||||
Other interest rates swaps | (1 | ) | (1 | ) | 1 | (1 | ) | |||||||||
Currency swaps and forward exchange contracts | 34 | 34 | — | — | ||||||||||||
As of December 31, 2008 | ||||||||||||||||
Bonds (non-current portion, before swaps) | (14,119 | ) | (14,119 | ) | 47 | (43 | ) | |||||||||
Swaps hedging fixed-rates bonds (liabilities) | (440 | ) | (440 | ) | ||||||||||||
Swaps hedging fixed-rates bonds (assets) | 892 | 892 | ||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) | 452 | 452 | (44 | ) | 44 | |||||||||||
Current portion of non-current debt after swap (excluding capital lease obligations) | (2,025 | ) | (2,025 | ) | 3 | (3 | ) | |||||||||
Other interest rates swaps | (4 | ) | (4 | ) | 1 | (1 | ) | |||||||||
Currency swaps and forward exchange contracts | (56 | ) | (56 | ) | — | — |
For The year ended December 31, (M€) | 2010 | 2009 | 2008 | |||||||||
Cost of net debt | (334 | ) | (398 | ) | (527 | ) | ||||||
Interest rate translation of : | ||||||||||||
+ 10 basis points | (11 | ) | (11 | ) | (11 | ) | ||||||
- 10 basis points | 11 | 11 | 11 | |||||||||
+ 100 basis points | (107 | ) | (108 | ) | (113 | ) | ||||||
- 100 basis points | 107 | 108 | 113 | |||||||||
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Euro / Dollar | Euro / Pound sterling | |||||||
exchange rates | exchange rates | |||||||
As of December 31, 2010 | 1.34 | 0.86 | ||||||
As of December 31, 2009 | 1.44 | 0.89 | ||||||
As of December 31, 2008 | 1.39 | 0.95 | ||||||
Other | ||||||||||||||||||||
currencies | ||||||||||||||||||||
Pound | and equity | |||||||||||||||||||
As of December 31, 2010 (M€) | Total | Euro | Dollar | sterling | affiliates(a) | |||||||||||||||
Shareholders’ equity at historical exchange rate | 62,909 | 32,894 | 22,242 | 4,997 | 2,776 | |||||||||||||||
Currency translation adjustment before net investment hedge | (2,501 | ) | — | (1,237 | ) | (1,274 | ) | 10 | ||||||||||||
Net investment hedge — open instruments | 6 | — | 6 | — | — | |||||||||||||||
Shareholders’ equity at exchange rate as of December 31, 2010 | 60,414 | 32,894 | 21,011 | 3,723 | 2,786 | |||||||||||||||
Other | ||||||||||||||||||||
currencies | ||||||||||||||||||||
Pound | and equity | |||||||||||||||||||
As of December 31, 2009 (M€) | Total | Euro | Dollar | sterling | affiliates | |||||||||||||||
Shareholders’ equity at historical exchange rate | 57,621 | 27,717 | 18,671 | 5,201 | 6,032 | |||||||||||||||
Currency translation adjustment before net investment hedge | (5,074 | ) | — | (3,027 | ) | (1,465 | ) | (582 | ) | |||||||||||
Net investment hedge — open instruments | 5 | — | 6 | (1 | ) | — | ||||||||||||||
Shareholders’ equity at exchange rate as of December 31, 2009 | 52,552 | 27,717 | 15,650 | 3,735 | 5,450 | |||||||||||||||
Other | ||||||||||||||||||||
currencies | ||||||||||||||||||||
Pound | and equity | |||||||||||||||||||
As of December 31, 2008 (M€) | Total | Euro | Dollar | sterling | affiliates | |||||||||||||||
Shareholders’ equity at historical exchange rate | 53,868 | 25,084 | 15,429 | 5,587 | 7,768 | |||||||||||||||
Currency translation adjustment before net investment hedge | (4,876 | ) | — | (2,191 | ) | (1,769 | ) | (916 | ) | |||||||||||
Net investment hedge — open instruments | — | — | — | — | — | |||||||||||||||
Shareholders’ equity at exchange rate as of December 31, 2008 | 48,992 | 25,084 | 13,238 | 3,818 | 6,852 | |||||||||||||||
(a) | The decrease in the heading “Other currencies and equity affiliates” is mainly explained by the change in the consolidation method of Sanofi-Aventis (see Note 3 to the Consolidated Financial Statements). The contribution to the shareholders’ equity of this investment is now reclassified into the heading for the Eurozone. |
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As of December 31, 2010 (M€) | Less than | More than | ||||||||||||||||||||||||||
ASSETS/(LIABILITIES) | one year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5 years | Total | |||||||||||||||||||||
Non-current financial debt (notional value excluding interests) | (3,355 | ) | (3,544 | ) | (2,218 | ) | (3,404 | ) | (6,392 | ) | (18,913 | ) | ||||||||||||||||
Current borrowings | (9,653 | ) | (9,653 | ) | ||||||||||||||||||||||||
Other current financial liabilities | (159 | ) | (159 | ) | ||||||||||||||||||||||||
Current financial assets | 1,205 | 1,205 | ||||||||||||||||||||||||||
Cash and cash equivalents | 14,489 | 14,489 | ||||||||||||||||||||||||||
Net amount before financial expense | 5,882 | (3,355 | ) | (3,544 | ) | (2,218 | ) | (3,404 | ) | (6,392 | ) | (13,031 | ) | |||||||||||||||
Financial expense on non-current financial debt | (843 | ) | (729 | ) | (605 | ) | (450 | ) | (358 | ) | (1,195 | ) | (4,180 | ) | ||||||||||||||
Interest differential on swaps | 461 | 334 | 153 | 33 | 2 | (78 | ) | 905 | ||||||||||||||||||||
Net amount | 5,500 | (3,750 | ) | (3,996 | ) | (2,635 | ) | (3,760 | ) | (7,665 | ) | (16,306 | ) | |||||||||||||||
As of December 31, 2009 (M€) | Less than | More than | ||||||||||||||||||||||||||
ASSETS/(LIABILITIES) | one year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5 years | Total | |||||||||||||||||||||
Non-current financial debt (notional value excluding interests) | (3,658 | ) | (3,277 | ) | (3,545 | ) | (2,109 | ) | (5,823 | ) | (18,412 | ) | ||||||||||||||||
Current borrowings | (6,994 | ) | (6,994 | ) | ||||||||||||||||||||||||
Other current financial liabilities | (123 | ) | (123 | ) | ||||||||||||||||||||||||
Current financial assets | 311 | 311 | ||||||||||||||||||||||||||
Cash and cash equivalents | 11,662 | 11,662 | ||||||||||||||||||||||||||
Net amount before financial expense | 4,856 | (3,658 | ) | (3,277 | ) | (3,545 | ) | (2,109 | ) | (5,823 | ) | (13,556 | ) | |||||||||||||||
Financial expense on non-current financial debt | (768 | ) | (697 | ) | (561 | ) | (448 | ) | (301 | ) | (1,112 | ) | (3,887 | ) | ||||||||||||||
Interest differential on swaps | 447 | 233 | 100 | 25 | (16 | ) | (55 | ) | 734 | |||||||||||||||||||
Net amount | 4,535 | (4,122 | ) | (3,738 | ) | (3,968 | ) | (2,426 | ) | (6,990 | ) | (16,709 | ) | |||||||||||||||
As of December 31, 2008 (M€) | Less than | More than | ||||||||||||||||||||||||||
ASSETS/(LIABILITIES) | one year | 1-2 years | 2-3 years | 3-4 years | 4-5 years | 5 years | Total | |||||||||||||||||||||
Non-current financial debt (notional value excluding interests) | (2,992 | ) | (3,658 | ) | (3,324 | ) | (3,232 | ) | (2,093 | ) | (15,299 | ) | ||||||||||||||||
Current borrowings | (7,722 | ) | (7,722 | ) | ||||||||||||||||||||||||
Other current financial liabilities | (158 | ) | (158 | ) | ||||||||||||||||||||||||
Current financial assets | 187 | 187 | ||||||||||||||||||||||||||
Cash and cash equivalents | 12,321 | 12,321 | ||||||||||||||||||||||||||
Net amount before financial expense | 4,628 | (2,992 | ) | (3,658 | ) | (3,324 | ) | (3,232 | ) | (2,093 | ) | (10,671 | ) | |||||||||||||||
Financial expense on non-current financial debt | (554 | ) | (512 | ) | (431 | ) | (299 | ) | (189 | ) | (174 | ) | (2,159 | ) | ||||||||||||||
Interest differential on swaps | 118 | 211 | 100 | 62 | 37 | (7 | ) | 521 | ||||||||||||||||||||
Net amount | 4,192 | (3,293 | ) | (3,989 | ) | (3,561 | ) | (3,384 | ) | (2,274 | ) | (12,309 | ) | |||||||||||||||
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As of December 31 | ||||||||||||
(M€) | ||||||||||||
ASSETS/(LIABILITIES) | 2010 | 2009 | 2008 | |||||||||
Accounts payable | (18,450 | ) | (15,383 | ) | (14,815 | ) | ||||||
Other operating liabilities | (3,574 | ) | (4,706 | ) | (4,297 | ) | ||||||
including financial instruments related to commodity contracts | (559 | ) | (923 | ) | (1,033 | ) | ||||||
Accounts receivable, net | 18,159 | 15,719 | 15,287 | |||||||||
Other operating receivables | 4,407 | 5,145 | 6,208 | |||||||||
including financial instruments related to commodity contracts | 499 | 1,029 | 1,664 | |||||||||
Total | 542 | 775 | 2,383 | |||||||||
As of December 31 | ||||||||||||
(M€) | ||||||||||||
ASSETS/(LIABILITIES) | 2010 | 2009 | 2008 | |||||||||
Loans to equity affiliates(Note 12) | 2,383 | 2,367 | 2,005 | |||||||||
Loans and advances(Note 14) | 1,596 | 1,284 | 1,403 | |||||||||
Hedging instruments of non-current financial debt(Note 20) | 1,870 | 1,025 | 892 | |||||||||
Accounts receivable(Note 16) | 18,159 | 15,719 | 15,287 | |||||||||
Other operating receivables (Note 16) | 4,407 | 5,145 | 6,208 | |||||||||
Current financial assets(Note 20) | 1,205 | 311 | 187 | |||||||||
Cash and cash equivalents(Note 27) | 14,489 | 11,662 | 12,321 | |||||||||
Total | 44,109 | 37,513 | 38,303 | |||||||||
• | Upstream Segment |
- | Exploration & Production |
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- | Gas & Power |
• | Downstream Segment |
- | Refining & Marketing |
- | Trading & Shipping |
• | Chemicals Segment |
• | Implementation of credit limits with different authorization procedures for possible credit overruns; | |
• | Use of insurance policies or specific guarantees (letters of credit); | |
• | Regular monitoring and assessment of overdue accounts (aging balance), including collection procedures; and |
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• | Provisioning of bad debts on acustomer-by-customer basis, according to payment delays and local payment practices (provisions may also be calculated based on statistics). |
32) | OTHER RISKS AND CONTINGENT LIABILITIES |
• | As part of the spin-off of Arkema(1) in 2006, TOTAL S.A. or certain other Group companies agreed to grant Arkema guarantees for potential monetary consequences related to antitrust proceedings arising from events prior to the spin-off. |
These guarantees cover, for a period of ten years, 90% of amounts paid by Arkema related to (i) fines imposed by European authorities or European member-states for competition law violations, (ii) fines imposed by U.S. courts or antitrust authorities for federal antitrust violations or violations of the competition laws of U.S. states, (iii) damages awarded in civil proceedings related to the government proceedings mentioned above, and (iv) certain costs related to these proceedings. The guarantee related to anti-competition violations in Europe applies to amounts above a €176.5 million threshold. On the other hand, the agreements provide that Arkema will indemnify TOTAL S.A. or any Group company for 10% of any amount that TOTAL S.A. or any Group company are required to pay under any of the proceedings covered by these guarantees. |
• | In the United States, investigations into certain commercial practices of some subsidiaries of the Arkema group have been closed since 2007; no charges have been brought against Arkema. Civil liability lawsuits, for which TOTAL S.A. has been named as the parent company, are about to be closed and are not expected to have a significant impact on the Group’s financial position. |
• | In Europe, since May 2006, the European Commission has fined companies of the Group in its configuration prior to the spin-off an overall amount of €385.47 million, of which Elf Aquitaineand/or TOTAL S.A. and their subsidiaries were held jointly liable for €280.17 million, Elf Aquitaine being personally fined €23.6 million for deterrence. These fines are entirely settled as of today. |
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• | Pursuant to a statement of objections received by Total Nederland N.V. and TOTAL S.A. (based on its status as parent company) from the European Commission, Total Nederland N.V. was fined in 2006 €20.25 million, which has been paid, and for which TOTAL S.A. was held jointly liable for €13.5 million. TOTAL S.A. appealed this decision before the relevant court and this appeal is still pending. |
• | Finally, TotalGaz and Total Raffinage Marketing received a statement of objections from the French Antitrust Authority (Autorité de la concurrence française) regarding alleged antitrust practices concerning another product line of the Refining & Marketing division. The case was dismissed by decision of the French antitrust authorities on December 17, 2010. |
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33) | OTHER INFORMATION |
A) | RESEARCH AND DEVELOPMENT COSTS |
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B) | CARBON DIOXIDE EMISSION RIGHTS |
34) | CHANGES IN PROGRESS IN THE GROUP STRUCTURE |
• | Upstream |
• | TOTAL finalized in November 2010 an agreement in principle with Perenco, an independent exploration and production French company, to sell its 75.8% equity in its upstream Cameroonian affiliate Total E&P Cameroun. This agreement is subject to the Cameroonian Authorities’ approval. |
• | In addition to the agreement signed during September 2010 (see Note 3 to the Consolidated Financial Statements), TOTAL signed in December 2010 an agreement to acquire an additional 7.5% interest in Australia’s GLNG project from Santos for an amount of $281 million. This will increase Total’s overall stake in the project to 27.5%. |
• | Total E&P Canada Ltd., a TOTAL subsidiary, and Suncor Energy Inc. (Suncor) have signed in December 2010 several agreements to form a strategic oil sands alliance encompassing the Suncor-operated Fort Hills mining project, the TOTAL-operated Joslyn mining project and the Suncor-operated Voyageur upgrader project. All three assets are located in the Athabasca region of the province of Alberta, in Canada. Under the alliance, the companies will pool their combined interests in these projects, with the respective operator holding 51% and the other partner 49%. |
• | TOTAL is acquiring 19.2% of Suncor’s interest in the Fort Hills project. Taking into account the acquisition of UTS, finalized in September 2010, TOTAL will have an overall 39.2% interest in Fort Hills. Suncor, as operator, will hold 40.8%; | |
• | Suncor is acquiring 36.75% of TOTAL’s interest in the Joslyn project. TOTAL, as operator, will retain a 38.25% interest in the project; | |
• | TOTAL is also acquiring a 49% stake in the Suncor-operated Voyageur upgrader project; | |
• | As a result of the terms of these transactions and the related net balancing of the portfolio, in particular to contribute to the past costs of the Voyageur project, TOTAL will pay Suncor CAD 1,751 million, with a value date of January 1st, 2011. |
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• | Chemicals |
• | TOTAL has announced in December 2010 a plan to sell its photocure and coatings resins businesses to Arkema for a €550 million enterprise value. The divestment is subject to the applicable legally required consultation and notification processes for employee representatives at TOTAL and Arkema and to the approval of the anti-trust authorities in the countries concerned. It could take place in the first half of 2011. |
35) | CONSOLIDATION SCOPE |
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• | A central Reserve Entity whose responsibility is: to consolidate, document and archive the Group’s reserves; to ensure the coherence of evaluations worldwide; to maintain the Corporate Reserves Guidelines Standards in line with SEC guidelines and policies; to deliver training on reserves evaluation and classification; and to conduct periodically in-depth technical review of reserves for each affiliate. |
• | An annual review of affiliates reserves is conducted by an internal group of specialists selected for their expertise in geosciences and engineering or their knowledge of the affiliate. All members of this group chaired by the Geoscience Reserve Manager and composed of at least three Reservoir Committee members are knowledgeable in the SEC guidelines for proved reserves evaluation. Their responsibility is to provide an independent review of reserves changes proposed by affiliates and ensure that reserves are estimated using appropriate standards and procedures. |
• | At the end of the annual review carried out by the Geoscience Division, an SEC Reserves Committee chaired by the Exploration & Production Finance Senior Vice President and comprised of the Geoscience, Strategy and Legal Senior Vice Presidents, or their representatives, as well as the Chairman of the Reservoir Committee and the Geoscience Reserves Manager, approves the SEC reserve booking proposals as regards to criteria that are not dependent upon reservoir and geoscience techniques. The results of the annual review and the proposals for including revisions or additions of SEC Proved Reserves are presented to the Exploration & Production Executive Committee for approval before final validation by the Group Executive Management. |
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Proved developed and undeveloped reserves | Consolidated subsidiaries | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels of oil equivalent) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2007 | 1,900 | 3,516 | 737 | 474 | 1,224 | 7,851 | ||||||||||||||||||
Revisions of previous estimates | 41 | 374 | 50 | 106 | 144 | 715 | ||||||||||||||||||
Extensions, discoveries and other | 82 | 110 | — | — | 19 | 211 | ||||||||||||||||||
Acquisitions of reserves in place | 17 | — | — | — | — | 17 | ||||||||||||||||||
Sales of reserves in place | — | (74 | ) | — | — | (46 | ) | (120 | ) | |||||||||||||||
Production for the year | (225 | ) | (280 | ) | (55 | ) | (50 | ) | (99 | ) | (709 | ) | ||||||||||||
Balance as of December 31, 2008 | 1,815 | 3,646 | 732 | 530 | 1,242 | 7,965 | ||||||||||||||||||
Revisions of previous estimates | 46 | 76 | 14 | (7 | ) | 25 | 154 | |||||||||||||||||
Extensions, discoveries and other | 18 | 53 | 284 | 76 | — | 431 | ||||||||||||||||||
Acquisitions of reserves in place | 12 | — | 130 | — | — | 142 | ||||||||||||||||||
Sales of reserves in place | (2 | ) | (43 | ) | (14 | ) | — | — | (59 | ) | ||||||||||||||
Production for the year | (224 | ) | (266 | ) | (56 | ) | (55 | ) | (101 | ) | (702 | ) | ||||||||||||
Balance as of December 31, 2009 | 1,665 | 3,466 | 1,090 | 544 | 1,166 | 7,931 | ||||||||||||||||||
Revisions of previous estimates | 92 | 200 | 82 | (10 | ) | 1 | 365 | |||||||||||||||||
Extensions, discoveries and other | 182 | — | 18 | 96 | 30 | 326 | ||||||||||||||||||
Acquisitions of reserves in place | 23 | — | 425 | — | 9 | 457 | ||||||||||||||||||
Sales of reserves in place | (45 | ) | (26 | ) | (5 | ) | — | (8 | ) | (84 | ) | |||||||||||||
Production for the year | (211 | ) | (269 | ) | (70 | ) | (56 | ) | (99 | ) | (705 | ) | ||||||||||||
Balance as of December 31, 2010 | 1,706 | 3,371 | 1,540 | 574 | 1,099 | 8,290 | ||||||||||||||||||
Minority interest in proved developed and undeveloped reserves as of | ||||||||||||||||||||||||
December 31, 2008 | 27 | 100 | — | — | — | 127 | ||||||||||||||||||
December 31, 2009 | 26 | 98 | — | — | — | 124 | ||||||||||||||||||
December 31, 2010 | 26 | 100 | — | — | — | 126 |
Proved developed and undeveloped reserves | Equity & non-consolidated affiliates | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels of oil equivalent) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2007 | — | 69 | 554 | 1,975 | — | 2,598 | ||||||||||||||||||
Revisions of previous estimates | — | 22 | — | (2 | ) | — | 20 | |||||||||||||||||
Extensions, discoveries and other | — | 14 | — | 3 | — | 17 | ||||||||||||||||||
Acquisitions of reserves in place | — | — | 6 | — | — | 6 | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (7 | ) | (33 | ) | (108 | ) | — | (148 | ) | ||||||||||||||
Balance as of December 31, 2008 | — | 98 | 527 | 1,868 | — | 2,493 | ||||||||||||||||||
Revisions of previous estimates | — | 10 | (7 | ) | 51 | — | 54 | |||||||||||||||||
Extensions, discoveries and other | — | — | — | 136 | — | 136 | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (8 | ) | (18 | ) | (105 | ) | — | (131 | ) | ||||||||||||||
Balance as of December 31, 2009 | — | 100 | 502 | 1,950 | — | 2,552 | ||||||||||||||||||
Revisions of previous estimates | — | 14 | 4 | (2 | ) | — | 16 | |||||||||||||||||
Extensions, discoveries and other | — | — | — | — | — | — | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (7 | ) | (20 | ) | (136 | ) | — | (163 | ) | ||||||||||||||
Balance as of December 31, 2010 | — | 107 | 486 | 1,812 | — | 2,405 | ||||||||||||||||||
S-4
Table of Contents
Consolidated subsidiaries and equity & non-consolidated affiliates | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels of oil equivalent) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
As of December 31, 2008 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 1,815 | 3,744 | 1,259 | 2,398 | 1,242 | 10,458 | ||||||||||||||||||
Consolidated subsidiaries | 1,815 | 3,646 | 732 | 530 | 1,242 | 7,965 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 98 | 527 | 1,868 | — | 2,493 | ||||||||||||||||||
Proved developed reserves | 1,252 | 1,801 | 515 | 1,194 | 481 | 5,243 | ||||||||||||||||||
Consolidated subsidiaries | 1,252 | 1,754 | 381 | 504 | 481 | 4,372 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 47 | 134 | 690 | — | 871 | ||||||||||||||||||
Proved undeveloped reserves | 563 | 1,943 | 744 | 1,204 | 761 | 5,215 | ||||||||||||||||||
Consolidated subsidiaries | 563 | 1,892 | 351 | 26 | 761 | 3,593 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 51 | 393 | 1,178 | — | 1,622 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 1,665 | 3,566 | 1,592 | 2,494 | 1,166 | 10,483 | ||||||||||||||||||
Consolidated subsidiaries | 1,665 | 3,466 | 1,090 | 544 | 1,166 | 7,931 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 100 | 502 | 1,950 | — | 2,552 | ||||||||||||||||||
Proved developed reserves | 1,096 | 1,775 | 631 | 1,918 | 415 | 5,835 | ||||||||||||||||||
Consolidated subsidiaries | 1,096 | 1,745 | 503 | 482 | 415 | 4,241 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 30 | 128 | 1,436 | — | 1,594 | ||||||||||||||||||
Proved undeveloped reserves | 569 | 1,791 | 961 | 576 | 751 | 4,648 | ||||||||||||||||||
Consolidated subsidiaries | 569 | 1,721 | 587 | 62 | 751 | 3,690 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 70 | 374 | 514 | — | 958 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 1,706 | 3,478 | 2,026 | 2,386 | 1,099 | 10,695 | ||||||||||||||||||
Consolidated subsidiaries | 1,706 | 3,371 | 1,540 | 574 | 1,099 | 8,290 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 107 | 486 | 1,812 | — | 2,405 | ||||||||||||||||||
Proved developed reserves | 962 | 1,692 | 638 | 2,055 | 361 | 5,708 | ||||||||||||||||||
Consolidated subsidiaries | 962 | 1,666 | 505 | 427 | 361 | 3,921 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 26 | 133 | 1,628 | — | 1,787 | ||||||||||||||||||
Proved undeveloped reserves | 744 | 1,786 | 1,388 | 331 | 738 | 4,987 | ||||||||||||||||||
Consolidated subsidiaries | 744 | 1,705 | 1,035 | 147 | 738 | 4,369 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 81 | 353 | 184 | — | 618 | ||||||||||||||||||
S-5
Table of Contents
Proved developed and undeveloped reserves | Consolidated subsidiaries | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2007 | 880 | 2,498 | 285 | 203 | 530 | 4,396 | ||||||||||||||||||
Revisions of previous estimates | 15 | 297 | (17 | ) | 54 | 64 | 413 | |||||||||||||||||
Extensions, discoveries and other | 12 | 107 | — | — | 3 | 122 | ||||||||||||||||||
Acquisitions of reserves in place | 2 | — | — | — | — | 2 | ||||||||||||||||||
Sales of reserves in place | — | (74 | ) | — | — | (43 | ) | (117 | ) | |||||||||||||||
Production for the year | (111 | ) | (231 | ) | (16 | ) | (32 | ) | (16 | ) | (406 | ) | ||||||||||||
Balance as of December 31, 2008 | 798 | 2,597 | 252 | 225 | 538 | 4,410 | ||||||||||||||||||
Revisions of previous estimates | 34 | 92 | (170 | ) | (4 | ) | 51 | 3 | ||||||||||||||||
Extensions, discoveries and other | 8 | 38 | 22 | 1 | — | 69 | ||||||||||||||||||
Acquisitions of reserves in place | 1 | — | — | — | — | 1 | ||||||||||||||||||
Sales of reserves in place | — | (44 | ) | (1 | ) | — | — | (45 | ) | |||||||||||||||
Production for the year | (108 | ) | (223 | ) | (15 | ) | (34 | ) | (17 | ) | (397 | ) | ||||||||||||
Balance as of December 31, 2009 | 733 | 2,460 | 88 | 188 | 572 | 4,041 | ||||||||||||||||||
Revisions of previous estimates | 46 | 131 | 7 | (2 | ) | — | 182 | |||||||||||||||||
Extensions, discoveries and other | 146 | — | 2 | 82 | 4 | 234 | ||||||||||||||||||
Acquisitions of reserves in place | 2 | — | — | — | — | 2 | ||||||||||||||||||
Sales of reserves in place | (37 | ) | (23 | ) | (2 | ) | — | (7 | ) | (69 | ) | |||||||||||||
Production for the year | (98 | ) | (218 | ) | (16 | ) | (29 | ) | (15 | ) | (376 | ) | ||||||||||||
Balance as of December 31, 2010 | 792 | 2,350 | 79 | 239 | 554 | 4,014 | ||||||||||||||||||
Minority interest in proved developed and undeveloped reserves as of | ||||||||||||||||||||||||
December 31, 2008 | 12 | 89 | — | — | — | 101 | ||||||||||||||||||
December 31, 2009 | 12 | 88 | — | — | — | 100 | ||||||||||||||||||
December 31, 2010 | 11 | 89 | — | — | — | 100 |
Proved developed and undeveloped reserves | Equity & non-consolidated affiliates | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2007 | — | 43 | 533 | 806 | — | 1,382 | ||||||||||||||||||
Revisions of previous estimates | — | 22 | 1 | (2 | ) | — | 21 | |||||||||||||||||
Extensions, discoveries and other | — | — | — | 3 | — | 3 | ||||||||||||||||||
Acquisitions of reserves in place | — | — | 6 | — | — | 6 | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (7 | ) | (32 | ) | (88 | ) | — | (127 | ) | ||||||||||||||
Balance as of December 31, 2008 | — | 58 | 508 | 719 | — | 1,285 | ||||||||||||||||||
Revisions of previous estimates | — | (14 | ) | (5 | ) | (15 | ) | — | (34 | ) | ||||||||||||||
Extensions, discoveries and other | — | — | — | 136 | — | 136 | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (7 | ) | (18 | ) | (79 | ) | — | (104 | ) | ||||||||||||||
Balance as of December 31, 2009 | — | 37 | 485 | 761 | — | 1,283 | ||||||||||||||||||
Revisions of previous estimates | — | 4 | 4 | 3 | — | 11 | ||||||||||||||||||
Extensions, discoveries and other | — | — | — | — | — | — | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (7 | ) | (19 | ) | (84 | ) | — | (110 | ) | ||||||||||||||
Balance as of December 31, 2010 | — | 34 | 470 | 680 | — | 1,184 | ||||||||||||||||||
S-6
Table of Contents
Consolidated subsidiaries and equity & non-consolidated affiliates | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
As of December 31, 2008 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 798 | 2,655 | 760 | 944 | 538 | 5,695 | ||||||||||||||||||
Consolidated subsidiaries | 798 | 2,597 | 252 | 225 | 538 | 4,410 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 58 | 508 | 719 | — | 1,285 | ||||||||||||||||||
Proved developed reserves | 516 | 1,357 | 183 | 681 | 65 | 2,802 | ||||||||||||||||||
Consolidated subsidiaries | 516 | 1,313 | 56 | 201 | 65 | 2,151 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 44 | 127 | 480 | — | 651 | ||||||||||||||||||
Proved undeveloped reserves | 282 | 1,298 | 577 | 263 | 473 | 2,893 | ||||||||||||||||||
Consolidated subsidiaries | 282 | 1,284 | 196 | 24 | 473 | 2,259 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 14 | 381 | 239 | — | 634 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 733 | 2,497 | 573 | 949 | 572 | 5,324 | ||||||||||||||||||
Consolidated subsidiaries | 733 | 2,460 | 88 | 188 | 572 | 4,041 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 37 | 485 | 761 | — | 1,283 | ||||||||||||||||||
Proved developed reserves | 457 | 1,331 | 187 | 728 | 65 | 2,768 | ||||||||||||||||||
Consolidated subsidiaries | 457 | 1,303 | 66 | 174 | 65 | 2,065 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 28 | 121 | 554 | — | 703 | ||||||||||||||||||
Proved undeveloped reserves | 276 | 1,166 | 386 | 221 | 507 | 2,556 | ||||||||||||||||||
Consolidated subsidiaries | 276 | 1,157 | 22 | 14 | 507 | 1,976 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 9 | 364 | 207 | — | 580 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 792 | 2,384 | 549 | 919 | 554 | 5,198 | ||||||||||||||||||
Consolidated subsidiaries | 792 | 2,350 | 79 | 239 | 554 | 4,014 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 34 | 470 | 680 | — | 1,184 | ||||||||||||||||||
Proved developed reserves | 394 | 1,250 | 180 | 662 | 58 | 2,544 | ||||||||||||||||||
Consolidated subsidiaries | 394 | 1,226 | 53 | 151 | 58 | 1,882 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 24 | 127 | 511 | — | 662 | ||||||||||||||||||
Proved undeveloped reserves | 398 | 1,134 | 369 | 257 | 496 | 2,654 | ||||||||||||||||||
Consolidated subsidiaries | 398 | 1,124 | 26 | 88 | 496 | 2,132 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 10 | 343 | 169 | — | 522 | ||||||||||||||||||
S-7
Table of Contents
Proved developed and undeveloped reserves | Consolidated subsidiaries | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million barrels) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2008 | — | — | — | — | — | — | ||||||||||||||||||
Revisions of previous estimates | — | — | 176 | — | — | 176 | ||||||||||||||||||
Extensions, discoveries and other | — | — | 192 | — | — | 192 | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | — | (3 | ) | — | — | (3 | ) | ||||||||||||||||
Balance as of December 31, 2009 | — | — | 365 | — | — | 365 | ||||||||||||||||||
Revisions of previous estimates | — | — | 3 | — | — | 3 | ||||||||||||||||||
Extensions, discoveries and other | — | — | — | — | — | — | ||||||||||||||||||
Acquisitions of reserves in place | — | — | 425 | — | — | 425 | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | — | (4 | ) | — | — | (4 | ) | ||||||||||||||||
Balance as of December 31, 2010 | — | — | 789 | — | — | 789 | ||||||||||||||||||
Proved developed reserves as of | ||||||||||||||||||||||||
December 31, 2009 | — | — | 19 | — | — | 19 | ||||||||||||||||||
December 31, 2010 | — | — | 18 | — | — | 18 | ||||||||||||||||||
Proved undeveloped reserves as of | ||||||||||||||||||||||||
December 31, 2009 | — | — | 346 | — | — | 346 | ||||||||||||||||||
December 31, 2010 | — | — | 771 | — | — | 771 | ||||||||||||||||||
S-8
Table of Contents
Proved developed and undeveloped reserves | Consolidated subsidiaries | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in billion cubic feet) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2007 | 5,531 | 5,371 | 2,564 | 1,572 | 4,045 | 19,083 | ||||||||||||||||||
Revisions of previous estimates | 145 | 381 | 366 | 300 | 458 | 1,650 | ||||||||||||||||||
Extensions, discoveries and other | 377 | 17 | — | — | 90 | 484 | ||||||||||||||||||
Acquisitions of reserves in place | 76 | — | — | — | — | 76 | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | (15 | ) | (15 | ) | ||||||||||||||||
Production for the year | (622 | ) | (240 | ) | (216 | ) | (103 | ) | (480 | ) | (1,661 | ) | ||||||||||||
Balance as of December 31, 2008 | 5,507 | 5,529 | 2,714 | 1,769 | 4,098 | 19,617 | ||||||||||||||||||
Revisions of previous estimates | 73 | (127 | ) | 25 | (18 | ) | (165 | ) | (212 | ) | ||||||||||||||
Extensions, discoveries and other | 55 | 61 | 382 | 399 | — | 897 | ||||||||||||||||||
Acquisitions of reserves in place | 58 | — | 752 | — | — | 810 | ||||||||||||||||||
Sales of reserves in place | (13 | ) | — | (64 | ) | — | — | (77 | ) | |||||||||||||||
Production for the year | (633 | ) | (217 | ) | (212 | ) | (122 | ) | (467 | ) | (1,651 | ) | ||||||||||||
Balance as of December 31, 2009 | 5,047 | 5,246 | 3,597 | 2,028 | 3,466 | 19,384 | ||||||||||||||||||
Revisions of previous estimates | 271 | 346 | 415 | (80 | ) | 15 | 967 | |||||||||||||||||
Extensions, discoveries and other | 193 | — | 88 | 70 | 138 | 489 | ||||||||||||||||||
Acquisitions of reserves in place | 111 | — | — | — | 51 | 162 | ||||||||||||||||||
Sales of reserves in place | (43 | ) | (20 | ) | (16 | ) | — | (4 | ) | (83 | ) | |||||||||||||
Production for the year | (617 | ) | (258 | ) | (278 | ) | (151 | ) | (472 | ) | (1,776 | ) | ||||||||||||
Balance as of December 31, 2010 | 4,962 | 5,314 | 3,806 | 1,867 | 3,194 | 19,143 | ||||||||||||||||||
Minority interest in proved developed and undeveloped reserves as of | ||||||||||||||||||||||||
December 31, 2008 | 75 | 64 | — | — | — | 139 | ||||||||||||||||||
December 31, 2009 | 73 | 60 | — | — | — | 133 | ||||||||||||||||||
December 31, 2010 | 83 | 67 | — | — | — | 150 | ||||||||||||||||||
S-9
Table of Contents
Proved developed and undeveloped reserves | Equity & non-consolidated affiliates | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in billion cubic feet) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Balance as of December 31, 2007 | — | 140 | 125 | 6,382 | — | 6,647 | ||||||||||||||||||
Revisions of previous estimates | — | — | (13 | ) | — | — | (13 | ) | ||||||||||||||||
Extensions, discoveries and other | — | 76 | — | — | — | 76 | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (1 | ) | (2 | ) | (106 | ) | — | (109 | ) | ||||||||||||||
Balance as of December 31, 2008 | — | 215 | 110 | 6,276 | — | 6,601 | ||||||||||||||||||
Revisions of previous estimates | — | 127 | (13 | ) | 363 | — | 477 | |||||||||||||||||
Extensions, discoveries and other | — | — | — | — | — | — | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (1 | ) | (2 | ) | (141 | ) | — | (144 | ) | ||||||||||||||
Balance as of December 31, 2009 | — | 341 | 95 | 6,498 | — | 6,934 | ||||||||||||||||||
Revisions of previous estimates | — | 50 | (2 | ) | (52 | ) | — | (4 | ) | |||||||||||||||
Extensions, discoveries and other | — | — | — | — | — | — | ||||||||||||||||||
Acquisitions of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Sales of reserves in place | — | — | — | — | — | — | ||||||||||||||||||
Production for the year | — | (1 | ) | (2 | ) | (282 | ) | — | (285 | ) | ||||||||||||||
Balance as of December 31, 2010 | — | 390 | 91 | 6,164 | — | 6,645 | ||||||||||||||||||
S-10
Table of Contents
Consolidated subsidiaries and equity & non-consolidated affiliates | ||||||||||||||||||||||||
(in billion cubic feet) | Europe | Africa | Americas | Middle East | Asia | Total | ||||||||||||||||||
As of December 31, 2008 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 5,507 | 5,744 | 2,824 | 8,045 | 4,098 | 26,218 | ||||||||||||||||||
Consolidated subsidiaries | 5,507 | 5,529 | 2,714 | 1,769 | 4,098 | 19,617 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 215 | 110 | 6,276 | — | 6,601 | ||||||||||||||||||
Proved developed reserves | 3,989 | 2,292 | 1,849 | 2,893 | 2,440 | 13,463 | ||||||||||||||||||
Consolidated subsidiaries | 3,989 | 2,280 | 1,807 | 1,766 | 2,440 | 12,282 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 12 | 42 | 1,127 | — | 1,181 | ||||||||||||||||||
Proved undeveloped reserves | 1,518 | 3,452 | 975 | 5,152 | 1,658 | 12,755 | ||||||||||||||||||
Consolidated subsidiaries | 1,518 | 3,249 | 907 | 3 | 1,658 | 7,335 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 203 | 68 | 5,149 | — | 5,420 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 5,047 | 5,587 | 3,692 | 8,526 | 3,466 | 26,318 | ||||||||||||||||||
Consolidated subsidiaries | 5,047 | 5,246 | 3,597 | 2,028 | 3,466 | 19,384 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 341 | 95 | 6,498 | — | 6,934 | ||||||||||||||||||
Proved developed reserves | 3,463 | 2,272 | 2,388 | 6,606 | 2,059 | 16,788 | ||||||||||||||||||
Consolidated subsidiaries | 3,463 | 2,261 | 2,343 | 1,773 | 2,059 | 11,899 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 11 | 45 | 4,833 | — | 4,889 | ||||||||||||||||||
Proved undeveloped reserves | 1,584 | 3,315 | 1,304 | 1,920 | 1,407 | 9,530 | ||||||||||||||||||
Consolidated subsidiaries | 1,584 | 2,985 | 1,254 | 255 | 1,407 | 7,485 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 330 | 50 | 1,665 | — | 2,045 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Proved developed and undeveloped reserves | 4,962 | 5,704 | 3,897 | 8,031 | 3,194 | 25,788 | ||||||||||||||||||
Consolidated subsidiaries | 4,962 | 5,314 | 3,806 | 1,867 | 3,194 | 19,143 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 390 | 91 | 6,164 | — | 6,645 | ||||||||||||||||||
Proved developed reserves | 3,089 | 2,240 | 2,474 | 7,649 | 1,790 | 17,242 | ||||||||||||||||||
Consolidated subsidiaries | 3,089 | 2,229 | 2,439 | 1,578 | 1,790 | 11,125 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 11 | 35 | �� | 6,071 | — | 6,117 | |||||||||||||||||
Proved undeveloped reserves | 1,873 | 3,464 | 1,423 | 382 | 1,404 | 8,546 | ||||||||||||||||||
Consolidated subsidiaries | 1,873 | 3,085 | 1,367 | 289 | 1,404 | 8,018 | ||||||||||||||||||
Equity and non-consolidated affiliates | — | 379 | 56 | 93 | — | 528 | ||||||||||||||||||
S-11
Table of Contents
Consolidated subsidiaries | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
2008 | ||||||||||||||||||||||||
Non-Group sales | 4,521 | 2,930 | 707 | 1,558 | 2,819 | 12,535 | ||||||||||||||||||
Group sales | 6,310 | 11,425 | 360 | 409 | 626 | 19,130 | ||||||||||||||||||
Total Revenues | 10,831 | 14,355 | 1,067 | 1,967 | 3,445 | 31,665 | ||||||||||||||||||
Production costs | (1,280 | ) | (1,055 | ) | (213 | ) | (249 | ) | (263 | ) | (3,060 | ) | ||||||||||||
Exploration expenses | (185 | ) | (209 | ) | (130 | ) | (4 | ) | (236 | ) | (764 | ) | ||||||||||||
Depreciation, depletion and amortization and valuation allowances | (1,266 | ) | (1,195 | ) | (318 | ) | (364 | ) | (471 | ) | (3,614 | ) | ||||||||||||
Other expenses(a) | (260 | ) | (1,214 | ) | (225 | ) | (357 | ) | (60 | ) | (2,116 | ) | ||||||||||||
Pre-tax income from producing activities | 7,840 | 10,682 | 181 | 993 | 2,415 | 22,111 | ||||||||||||||||||
Income tax | (5,376 | ) | (7,160 | ) | (109 | ) | (481 | ) | (1,212 | ) | (14,338 | ) | ||||||||||||
Results of oil and gas producing activities | 2,464 | 3,522 | 72 | 512 | 1,203 | 7,773 | ||||||||||||||||||
2009 | ||||||||||||||||||||||||
Non-Group sales | 2,499 | 1,994 | 583 | 859 | 1,926 | 7,861 | ||||||||||||||||||
Group sales | 4,728 | 7,423 | 310 | 556 | 597 | 13,614 | ||||||||||||||||||
Total Revenues | 7,227 | 9,417 | 893 | 1,415 | 2,523 | 21,475 | ||||||||||||||||||
Production costs | (1,155 | ) | (1,122 | ) | (193 | ) | (204 | ) | (243 | ) | (2,917 | ) | ||||||||||||
Exploration expenses | (160 | ) | (265 | ) | (121 | ) | (81 | ) | (70 | ) | (697 | ) | ||||||||||||
Depreciation, depletion and amortization and valuation allowances | (1,489 | ) | (1,471 | ) | (262 | ) | (314 | ) | (613 | ) | (4,149 | ) | ||||||||||||
Other expenses(a) | (261 | ) | (895 | ) | (181 | ) | (170 | ) | (56 | ) | (1,563 | ) | ||||||||||||
Pre-tax income from producing activities | 4,162 | 5,664 | 136 | 646 | 1,541 | 12,149 | ||||||||||||||||||
Income tax | (2,948 | ) | (3,427 | ) | (103 | ) | (309 | ) | (747 | ) | (7,534 | ) | ||||||||||||
Results of oil and gas producing activities | 1,214 | 2,237 | 33 | 337 | 794 | 4,615 | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Non-Group sales | 2,839 | 2,639 | 628 | 1,038 | 2,540 | 9,684 | ||||||||||||||||||
Group sales | 5,599 | 9,894 | 540 | 644 | 683 | 17,360 | ||||||||||||||||||
Total Revenues | 8,438 | 12,533 | 1,168 | 1,682 | 3,223 | 27,044 | ||||||||||||||||||
Production costs | (1,281 | ) | (1,187 | ) | (222 | ) | (259 | ) | (279 | ) | (3,228 | ) | ||||||||||||
Exploration expenses | (266 | ) | (275 | ) | (216 | ) | (8 | ) | (99 | ) | (864 | ) | ||||||||||||
Depreciation, depletion and amortization and valuation allowances | (1,404 | ) | (1,848 | ) | (368 | ) | (264 | ) | (830 | ) | (4,714 | ) | ||||||||||||
Other expenses(a) | (299 | ) | (1,014 | ) | (218 | ) | (241 | ) | (72 | ) | (1,844 | ) | ||||||||||||
Pre-tax income from producing activities | 5,188 | 8,209 | 144 | 910 | 1,943 | 16,394 | ||||||||||||||||||
Income tax | (3,237 | ) | (5,068 | ) | (83 | ) | (402 | ) | (950 | ) | (9,740 | ) | ||||||||||||
Results of oil and gas producing activities | 1,951 | 3,141 | 61 | 508 | 993 | 6,654 | ||||||||||||||||||
(a) | Included production taxes and accretion expense as provided for by IAS 37 (€223 million in 2008, €271 million in 2009 and €326 million in 2010). |
S-12
Table of Contents
Equity affiliates | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Group’s share of results of oil and gas producing activities | ||||||||||||||||||||||||
2008 | — | 49 | 245 | 287 | — | 581 | ||||||||||||||||||
2009 | ||||||||||||||||||||||||
Non-Group sales | — | 203 | 528 | 231 | — | 962 | ||||||||||||||||||
Group sales | — | — | — | 3,382 | — | 3,382 | ||||||||||||||||||
Total Revenues | — | 203 | 528 | 3,613 | — | 4,344 | ||||||||||||||||||
Production costs | — | (31 | ) | (41 | ) | (271 | ) | — | (343 | ) | ||||||||||||||
Exploration expenses | — | — | (17 | ) | — | — | (17 | ) | ||||||||||||||||
Depreciation, depletion and amortization and valuation allowances | — | (42 | ) | (73 | ) | (247 | ) | — | (362 | ) | ||||||||||||||
Other expenses | — | (9 | ) | (205 | ) | (2,800 | ) | — | (3,014 | ) | ||||||||||||||
Pre-tax income from producing activities | — | 121 | 192 | 295 | — | 608 | ||||||||||||||||||
Income tax | — | (93 | ) | (74 | ) | (101 | ) | — | (268 | ) | ||||||||||||||
Results of oil and gas producing activities | — | 28 | 118 | 194 | — | 340 | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Non-Group sales | — | 148 | 120 | 596 | — | 864 | ||||||||||||||||||
Group sales | — | 3 | 565 | 4,646 | — | 5,214 | ||||||||||||||||||
Total Revenues | — | 151 | 685 | 5,242 | — | 6,078 | ||||||||||||||||||
Production costs | — | (44 | ) | (53 | ) | (195 | ) | (1 | ) | (293 | ) | |||||||||||||
Exploration expenses | — | (7 | ) | (23 | ) | — | — | (30 | ) | |||||||||||||||
Depreciation, depletion and amortization and valuation allowances | — | (44 | ) | (89 | ) | (259 | ) | — | (392 | ) | ||||||||||||||
Other expenses | — | — | (268 | ) | (4,034 | ) | — | (4,302 | ) | |||||||||||||||
Pre-tax income from producing activities | — | 56 | 252 | 754 | (1 | ) | 1,061 | |||||||||||||||||
Income tax | — | — | (44 | ) | (142 | ) | — | (186 | ) | |||||||||||||||
Results of oil and gas producing activities | — | 56 | 208 | 612 | (1 | ) | 875 | |||||||||||||||||
S-13
Table of Contents
Consolidated subsidiaries | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
2008 | ||||||||||||||||||||||||
Proved property acquisition | 269 | 78 | — | 8 | 18 | 373 | ||||||||||||||||||
Unproved property acquisition | 24 | 143 | 22 | 5 | 3 | 197 | ||||||||||||||||||
Exploration costs | 228 | 493 | 155 | 11 | 312 | 1,199 | ||||||||||||||||||
Development costs(a) | 2,035 | 3,121 | 408 | 281 | 1,596 | 7,441 | ||||||||||||||||||
Total cost incurred | 2,556 | 3,835 | 585 | 305 | 1,929 | 9,210 | ||||||||||||||||||
2009 | ||||||||||||||||||||||||
Proved property acquisition | 71 | 45 | 1,551 | 105 | — | 1,772 | ||||||||||||||||||
Unproved property acquisition | 26 | 8 | 403 | — | 21 | 458 | ||||||||||||||||||
Exploration costs | 284 | 475 | 222 | 87 | 123 | 1,191 | ||||||||||||||||||
Development costs(a) | 1,658 | 3,288 | 618 | 250 | 1,852 | 7,666 | ||||||||||||||||||
Total cost incurred | 2,039 | 3,816 | 2,794 | 442 | 1,996 | 11,087 | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Proved property acquisition | 162 | 137 | 26 | 139 | 21 | 485 | ||||||||||||||||||
Unproved property acquisition | 5 | 124 | 1,186 | 8 | 619 | 1,942 | ||||||||||||||||||
Exploration costs | 361 | 407 | 276 | 17 | 250 | 1,311 | ||||||||||||||||||
Development costs(a) | 1,565 | 3,105 | 718 | 247 | 2,007 | 7,642 | ||||||||||||||||||
Total cost incurred | 2,093 | 3,773 | 2,206 | 411 | 2,897 | 11,380 | ||||||||||||||||||
Group’s share of costs of property acquisition, exploration and development | Equity affiliates | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
2008 | — | 360 | 85 | 527 | — | 972 | ||||||||||||||||||
2009 | ||||||||||||||||||||||||
Proved property acquisition | — | — | — | — | — | — | ||||||||||||||||||
Unproved property acquisition | — | — | — | — | — | — | ||||||||||||||||||
Exploration costs | — | — | 22 | 3 | — | 25 | ||||||||||||||||||
Development costs(a) | — | 28 | 93 | 293 | 23 | 437 | ||||||||||||||||||
Total cost incurred | — | 28 | 115 | 296 | 23 | 462 | ||||||||||||||||||
2010 | ||||||||||||||||||||||||
Proved property acquisition | — | — | — | — | — | — | ||||||||||||||||||
Unproved property acquisition | — | — | — | — | — | — | ||||||||||||||||||
Exploration costs | — | 4 | 30 | 4 | — | 38 | ||||||||||||||||||
Development costs(a) | — | 20 | 99 | 476 | 73 | 668 | ||||||||||||||||||
Total cost incurred | — | 24 | 129 | 480 | 73 | 706 | ||||||||||||||||||
(a) | Including asset retirement costs capitalized during the year and any gains or losses recognized upon settlement of asset retirement obligation during the year. |
S-14
Table of Contents
Consolidated subsidiaries | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
As of December 31, 2008 | ||||||||||||||||||||||||
Proved properties | 26,030 | 25,136 | 4,508 | 4,824 | 8,836 | 69,334 | ||||||||||||||||||
Unproved properties | 132 | 1,145 | 204 | 25 | 410 | 1,916 | ||||||||||||||||||
Total capitalized costs | 26,162 | 26,281 | 4,712 | 4,849 | 9,246 | 71,250 | ||||||||||||||||||
Accumulated depreciation, depletion and amortization | (18,382 | ) | (12,339 | ) | (2,051 | ) | (3,420 | ) | (2,598 | ) | (38,790 | ) | ||||||||||||
Net capitalized costs | 7,780 | 13,942 | 2,661 | 1,429 | 6,648 | 32,460 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Proved properties | 30,613 | 27,557 | 7,123 | 5,148 | 10,102 | 80,543 | ||||||||||||||||||
Unproved properties | 337 | 1,138 | 839 | 30 | 555 | 2,899 | ||||||||||||||||||
Total capitalized costs | 30,950 | 28,695 | 7,962 | 5,178 | 10,657 | 83,442 | ||||||||||||||||||
Accumulated depreciation, depletion and amortization | (21,870 | ) | (13,510 | ) | (2,214 | ) | (3,325 | ) | (3,085 | ) | (44,004 | ) | ||||||||||||
Net capitalized costs | 9,080 | 15,185 | 5,748 | 1,853 | 7,572 | 39,438 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Proved properties | 31,735 | 32,494 | 7,588 | 5,715 | 12,750 | 90,282 | ||||||||||||||||||
Unproved properties | 402 | 1,458 | 2,142 | 49 | 1,433 | 5,484 | ||||||||||||||||||
Total capitalized costs | 32,137 | 33,952 | 9,730 | 5,764 | 14,183 | 95,766 | ||||||||||||||||||
Accumulated depreciation, depletion and amortization | (23,006 | ) | (16,716 | ) | (2,302 | ) | (3,849 | ) | (4,092 | ) | (49,965 | ) | ||||||||||||
Net capitalized costs | 9,131 | 17,236 | 7,428 | 1,915 | 10,091 | 45,801 | ||||||||||||||||||
Group’s share of net capitalized costs | Equity affiliates | |||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
As of December 31, 2008 | — | 403 | 288 | 638 | — | 1,329 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Proved properties | — | 610 | 726 | 2,404 | — | 3,740 | ||||||||||||||||||
Unproved properties | — | — | 135 | — | 62 | 197 | ||||||||||||||||||
Total capitalized costs | — | 610 | 861 | 2,404 | 62 | 3,937 | ||||||||||||||||||
Accumulated depreciation, depletion and amortization | — | (387 | ) | (171 | ) | (1,723 | ) | — | (2,281 | ) | ||||||||||||||
Net capitalized costs | — | 223 | 690 | 681 | 62 | 1,656 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Proved properties | — | 639 | 887 | 3,110 | — | 4,636 | ||||||||||||||||||
Unproved properties | — | 25 | 168 | — | 138 | 331 | ||||||||||||||||||
Total capitalized costs | — | 664 | 1,055 | 3,110 | 138 | 4,967 | ||||||||||||||||||
Accumulated depreciation, depletion and amortization | — | (462 | ) | (307 | ) | (2,029 | ) | — | (2,798 | ) | ||||||||||||||
Net capitalized costs | — | 202 | 748 | 1,081 | 138 | 2,169 | ||||||||||||||||||
S-15
Table of Contents
DISCOUNTED FUTURE NET CASH FLOWS
• | Estimates of proved reserves and the corresponding production profiles are based on existing technical and economic conditions; |
• | The estimated future cash flows are determined based on prices used in estimating the Group’s proved oil and gas reserves; |
• | The future cash flows incorporate estimated production costs (including production taxes), future development costs and asset retirement costs. All cost estimates are based on year-end technical and economic conditions; |
• | Future income taxes are computed by applying the year-end statutory tax rate to future net cash flows after consideration of permanent differences and future income tax credits; and |
• | Future net cash flows are discounted at a standard discount rate of 10 percent. |
S-16
Table of Contents
Consolidated subsidiaries | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
As of December 31, 2008 | ||||||||||||||||||||||||
Future cash inflows | 42,749 | 67,761 | 7,963 | 7,047 | 19,745 | 145,265 | ||||||||||||||||||
Future production costs | (8,593 | ) | (15,372 | ) | (4,040 | ) | (1,942 | ) | (5,224 | ) | (35,171 | ) | ||||||||||||
Future development costs | (10,423 | ) | (21,594 | ) | (1,863 | ) | (733 | ) | (7,497 | ) | (42,110 | ) | ||||||||||||
Future income taxes | (15,651 | ) | (14,571 | ) | (367 | ) | (1,577 | ) | (2,545 | ) | (34,711 | ) | ||||||||||||
Future net cash flows, after income taxes | 8,082 | 16,224 | 1,693 | 2,795 | 4,479 | 33,273 | ||||||||||||||||||
Discount at 10% | (3,645 | ) | (8,144 | ) | (715 | ) | (1,333 | ) | (3,450 | ) | (17,287 | ) | ||||||||||||
Standardized measure of discounted future net cash flows | 4,437 | 8,080 | 978 | 1,462 | 1,029 | 15,986 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Future cash inflows | 50,580 | 107,679 | 18,804 | 9,013 | 32,004 | 218,080 | ||||||||||||||||||
Future production costs | (11,373 | ) | (23,253 | ) | (8,286 | ) | (2,831 | ) | (6,996 | ) | (52,739 | ) | ||||||||||||
Future development costs | (12,795 | ) | (21,375 | ) | (5,728 | ) | (698 | ) | (6,572 | ) | (47,168 | ) | ||||||||||||
Future income taxes | (17,126 | ) | (36,286 | ) | (1,293 | ) | (2,041 | ) | (5,325 | ) | (62,071 | ) | ||||||||||||
Future net cash flows, after income taxes | 9,286 | 26,765 | 3,497 | 3,443 | 13,111 | 56,102 | ||||||||||||||||||
Discount at 10% | (3,939 | ) | (13,882 | ) | (2,696 | ) | (1,558 | ) | (8,225 | ) | (30,300 | ) | ||||||||||||
Standardized measure of discounted future net cash flows | 5,347 | 12,883 | 801 | 1,885 | 4,886 | 25,802 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Future cash inflows | 65,644 | 142,085 | 42,378 | 14,777 | 41,075 | 305,959 | ||||||||||||||||||
Future production costs | (16,143 | ) | (29,479 | ) | (19,477 | ) | (4,110 | ) | (6,476 | ) | (75,685 | ) | ||||||||||||
Future development costs | (18,744 | ) | (25,587 | ) | (8,317 | ) | (3,788 | ) | (8,334 | ) | (64,770 | ) | ||||||||||||
Future income taxes | (20,571 | ) | (51,390 | ) | (3,217 | ) | (2,541 | ) | (7,281 | ) | (85,000 | ) | ||||||||||||
Future net cash flows, after income taxes | 10,186 | 35,629 | 11,367 | 4,338 | 18,984 | 80,504 | ||||||||||||||||||
Discount at 10% | (5,182 | ) | (16,722 | ) | (8,667 | ) | (2,106 | ) | (11,794 | ) | (44,471 | ) | ||||||||||||
Standardized measure of discounted future net cash flows | 5,004 | 18,907 | 2,700 | 2,232 | 7,190 | 36,033 | ||||||||||||||||||
Minority interests in future net cash flows as of | ||||||||||||||||||||||||
December 31, 2008 | 217 | (50 | ) | — | — | — | 167 | |||||||||||||||||
December 31, 2009 | 212 | 60 | — | — | — | 272 | ||||||||||||||||||
As of December 31, 2010 | 273 | 344 | — | — | — | 617 | ||||||||||||||||||
S-17
Table of Contents
Equity affiliates | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
(in million euros) | Europe | Africa | Americas | East | Asia | Total | ||||||||||||||||||
Group’s share of future net cash flows | ||||||||||||||||||||||||
As of December 31, 2008 | — | 418 | 608 | 4,275 | — | 5,301 | ||||||||||||||||||
As of December 31, 2009 | ||||||||||||||||||||||||
Future cash inflows | — | 1,432 | 16,750 | 48,486 | — | 66,668 | ||||||||||||||||||
Future production costs | — | (624 | ) | (6,993 | ) | (30,739 | ) | — | (38,356 | ) | ||||||||||||||
Future development costs | — | (26 | ) | (1,924 | ) | (3,891 | ) | — | (5,841 | ) | ||||||||||||||
Future income taxes | — | (245 | ) | (3,650 | ) | (1,843 | ) | — | (5,738 | ) | ||||||||||||||
Future net cash flows, after income taxes | — | 537 | 4,183 | 12,013 | — | 16,733 | ||||||||||||||||||
Discount at 10% | — | (239 | ) | (2,816 | ) | (6,383 | ) | — | (9,438 | ) | ||||||||||||||
Standardized measure of discounted future net cash flows | — | 298 | 1,367 | 5,630 | — | 7,295 | ||||||||||||||||||
As of December 31, 2010 | ||||||||||||||||||||||||
Future cash inflows | — | 1,814 | 22,293 | 59,472 | — | 83,579 | ||||||||||||||||||
Future production costs | — | (765 | ) | (8,666 | ) | (40,085 | ) | — | (49,516 | ) | ||||||||||||||
Future development costs | — | (26 | ) | (2,020 | ) | (3,006 | ) | — | (5,052 | ) | ||||||||||||||
Future income taxes | — | (349 | ) | (5,503 | ) | (2,390 | ) | — | (8,242 | ) | ||||||||||||||
Future net cash flows, after income taxes | — | 674 | 6,104 | 13,991 | — | 20,769 | ||||||||||||||||||
Discount at 10% | — | (203 | ) | (3,946 | ) | (7,386 | ) | — | (11,535 | ) | ||||||||||||||
Standardized measure of discounted future net cash flows | — | 471 | 2,158 | 6,605 | — | 9,234 | ||||||||||||||||||
S-18
Table of Contents
(in million euros) | 2010 | 2009 | 2008 | |||||||||
Consolidated subsidiaries | ||||||||||||
Beginning of year | 25,802 | 15,986 | 48,464 | |||||||||
Sales and transfers, net of production costs | (22,297 | ) | (17,266 | ) | (26,109 | ) | ||||||
Net change in sales and transfer prices and in production costs and other expenses | 30,390 | 35,738 | (81,358 | ) | ||||||||
Extensions, discoveries and improved recovery | 716 | (267 | ) | 556 | ||||||||
Changes in estimated future development costs | (7,245 | ) | (4,847 | ) | (2,227 | ) | ||||||
Previously estimated development costs incurred during the year | 7,896 | 7,552 | 6,960 | |||||||||
Revisions of previous quantity estimates | 5,523 | 164 | 2,693 | |||||||||
Accretion of discount | 2,580 | 1,599 | 4,846 | |||||||||
Net change in income taxes | (6,773 | ) | (12,455 | ) | 63,611 | |||||||
Purchases of reserves in place | 442 | 230 | 50 | |||||||||
Sales of reserves in place | (1,001 | ) | (632 | ) | (1,500 | ) | ||||||
End of year | 36,033 | 25,802 | 15,986 | |||||||||
(in million euros) | 2010 | 2009 | ||||||
Equity affiliates | ||||||||
Beginning of year | 7,295 | 5,301 | ||||||
Sales and transfers, net of production costs | (1,583 | ) | (987 | ) | ||||
Net change in sales and transfer prices and in production costs and other expenses | 2,366 | 2,789 | ||||||
Extensions, discoveries and improved recovery | — | 407 | ||||||
Changes in estimated future development costs | 195 | (88 | ) | |||||
Previously estimated development costs incurred during the year | 651 | 854 | ||||||
Revisions of previous quantity estimates | 308 | (790 | ) | |||||
Accretion of discount | 730 | 530 | ||||||
Net change in income taxes | (728 | ) | (721 | ) | ||||
Purchases of reserves in place | — | — | ||||||
Sales of reserves in place | — | — | ||||||
End of year | 9,234 | 7,295 | ||||||
Consolidated subsidiaries | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
Europe | Africa | Americas | East | Asia | Total | |||||||||||||||||||
2009 | ||||||||||||||||||||||||
Natural gas production available for sale (Mcf/d)(a) | 1,643 | 480 | 545 | 297 | 1,224 | 4,189 | ||||||||||||||||||
Production prices(b) | ||||||||||||||||||||||||
Oil (€/b) | 40.76 | 40.77 | 36.22 | 39.94 | 37.66 | 40.38 | ||||||||||||||||||
Bitumen (€/b) | — | — | 23.17 | — | — | 23.17 | ||||||||||||||||||
Natural gas (€/kcf) | 4.81 | 1.33 | 1.56 | 0.72 | 4.47 | 3.70 | ||||||||||||||||||
Production costs per unit of production (€/boe)(c)(d) | ||||||||||||||||||||||||
Total liquids and natural gas | 5.30 | 4.35 | 3.59 | 3.86 | 2.52 | 4.30 | ||||||||||||||||||
Bitumen | — | — | 25.45 | — | — | 25.45 | ||||||||||||||||||
S-19
Table of Contents
Equity affiliates | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
Europe | Africa | Americas | East | Asia | Total | |||||||||||||||||||
2009 | ||||||||||||||||||||||||
Natural gas production available for sale (Mcf/d)(a) | — | — | — | 268 | — | 268 | ||||||||||||||||||
Production prices(b) | ||||||||||||||||||||||||
Oil (€/b) | — | 42.98 | 33.14 | 43.98 | — | 42.18 | ||||||||||||||||||
Bitumen (€/b) | — | — | — | — | — | |||||||||||||||||||
Natural gas (€/kcf) | — | — | — | 3.53 | — | 3.53 | ||||||||||||||||||
Production costs per unit of production (€/boe)(c) | ||||||||||||||||||||||||
Total liquids and natural gas | — | 4.21 | 2.24 | 2.81 | — | 2.81 | ||||||||||||||||||
Bitumen | — | — | — | — | — | — | ||||||||||||||||||
Consolidated subsidiaries | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
Europe | Africa | Americas | East | Asia | Total | |||||||||||||||||||
2010 | ||||||||||||||||||||||||
Natural gas production available for sale (Mcf/d)(a) | 1,603 | 608 | 732 | 375 | 1,234 | 4,552 | ||||||||||||||||||
Production prices(b) | ||||||||||||||||||||||||
Oil (€/b) | 55.70 | 56.18 | 45.28 | 55.83 | 52.33 | 55.39 | ||||||||||||||||||
Bitumen (€/b) | — | — | 33.19 | — | — | 33.19 | ||||||||||||||||||
Natural gas (€/kcf) | 5.17 | 1.55 | 1.83 | 0.63 | 5.67 | 3.94 | ||||||||||||||||||
Production costs per unit of production (€/boe)(c) | ||||||||||||||||||||||||
Total liquids and natural gas | 6.23 | 4.53 | 3.29 | 4.82 | 2.93 | 4.72 | ||||||||||||||||||
Bitumen | — | — | 17.49 | — | — | 17.49 | ||||||||||||||||||
Equity affiliates | ||||||||||||||||||||||||
Middle | ||||||||||||||||||||||||
Europe | Africa | Americas | East | Asia | Total | |||||||||||||||||||
2010 | ||||||||||||||||||||||||
Natural gas production available for sale (Mcf/d)(a) | — | — | — | 650 | — | 650 | ||||||||||||||||||
Production prices(b) | ||||||||||||||||||||||||
Oil (€/b) | — | 53.96 | 43.81 | 57.03 | — | 54.95 | ||||||||||||||||||
Bitumen (€/b) | — | — | — | — | — | — | ||||||||||||||||||
Natural gas (€/kcf) | — | — | — | 2.30 | — | 2.30 | ||||||||||||||||||
Production costs per unit of production (€/boe)(c) | ||||||||||||||||||||||||
Total liquids and natural gas | — | 6.31 | 2.76 | 1.54 | — | 1.91 | ||||||||||||||||||
Bitumen | — | — | — | — | — | — | ||||||||||||||||||
(a) | The reported volumes are different from those shown in the reserves table due to gas consumed in operations. | |
(b) | The volumes used for calculation of the average sales prices are the ones sold from the Group’s own production. | |
(c) | The volumes of liquids used for this computation are shown in the proved reserves tables of this report. The reported volumes for natural gas are different from those shown in the reserves table due to gas consumed in operations. | |
(d) | Production costs previously reported for consolidated subsidiaries have been restated. |
S-20